Stocks in for flat start as offshore rally fizzles
July 15 (AAP) Australian markets have received mixed leads from offshore trading overnight.
This morning on the Sydney Futures Exchange, the September share price index contract was 16 points lower at 4429. Yesterday, both the major indices finished well into positive territory, each marking gains of almost 2 per cent higher.
What you need to know:
· The SPI was down 16 points at 4429
· The Australian dollar was buying 88.47 US cents
· In the US, the S&P500 slipped 0.17 of a point to 1095.17
· In Europe, the FTSE 100 fell 17.5 points to 5253.52
· Gold fell $US6.50 an ounce to $US1207.00
· Oil was down 11 US cents a barrel at $US77.04
· The Reuters Jefferies CRB index was up 0.11%
What's out today
In economic news, the Australian Bureau of Statistics releases figures on sales of new motor vehicles for June.
The Melbourne Institute releases its Survey of Consumer Inflationary Expectations, and, with Westpac, it also issues its Survey of Consumer Unemployment Expectations, both for July.
How we fared yesterday
In Australia, the stock market closed higher, lifted by hefty gains from the big miners and major banks.
The benchmark S&P/ASX200 index closed up 82.1 points, or 1.87 per cent, at 4462.4 points, while the broader All Ordinaries index rose 77.3 points, or 1.76 per cent, to 4477.3 points.
A weaker economic forecast from the Federal Reserve has chilled the stock market's winning streak.
The Fed lowered its projection for the gross domestic product, the broadest measure of the economy, and said GDP will grow between 3 per cent and 3.5 per cent this year. That's down from the 3.2 per cent to 3.7 per cent forecast in April.
The Dow rose 3.70, or 0.04 per cent, to 10,366.72. The Standard & Poor's 500 index fell 0.17, or 0.02 per cent, to 1095.17, while the Nasdaq composite index rose 7.81, or 0.4 per cent, to 2249.84.
European stock markets also closed narrowly mixed, with investors preferring to take profits on recent gains as weak US retail sales figures, a key indicator, dented confidence.
In London, the FTSE 100 index of leading shares closed down 0.33 per cent, by 17.5 points, at 5253.52.
The German DAX gained 0.30 per cent, or 18.63 points, to 6209.76 and in Paris, the CAC 40 slipped 0.13 per cent, by 4.78 points, to 3632.98.
Oil prices drifted lower on Wednesday after the Federal Reserve lowered its forecast for US economic growth this year.
Most metals edged lower.
Gold for August delivery lost $6.50 to settle at $US1207 an ounce.
In September contracts, copper fell 0.009 US cent to settle at $US3.0085 a pound; palladium lost $3.35 to $US465.80 an ounce; and silver rose 3.3 cents to $US18.290 an ounce.
October platinum fell $14.80 to settle at $US1,520.60 an ounce.
"Mogi" Munkhdul Badral
CPS International is a marketing arm of CPS Securities in Mongolia. CPS Securities is a Perth, Western Australia based ASX Licensed Financial Services Company. To trade ASX stocks, feel free to contact me at email@example.com or +976-9999-6779.