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Global Market Report - April 23, 2018

Lex Hall  |  23 Apr 2018Text size  Decrease  Increase  |  
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Australia

The local sharemarket is set to open weaker today amid more evidence from the banking royal commission and falls in metals prices, and in US and European stocks. NAB is set to face the commission this week. At 7am (AEST), the Australian share price futures index was down 15 points, or 0.26 per cent, at 5833. The Australian dollar fell 0.8 per cent, back below US77c.
The local share market on Friday closed modestly lower, largely due to losses from heavyweight mining stocks.
The S&P/ASX200 was down 12.2 points, or 0.21 per cent, at 5868.8 points, while the All Ordinaries index was down 12 points, or 0.2 per cent, at 5964.4 points.
Out today: CoreLogic releases its weekly capital city house prices report; in equities news, property group Mirvac issues its quarterly update.

Asia

Asian shares dipped on Friday as a warning on smartphone demand from the world’s largest contract chipmaker slugged the tech sector, while high oil prices stirred inflation fears and undermined sovereign bonds.
In Asia, Apple led the way after Taiwan Semiconductor Manufacturing cut its revenue target to the low end of forecasts and blamed softer demand for smartphones.
MSCI’s broadest index of Asia-Pacific shares outside Japan shed 1.1 per cent, again led by a 1.6 per cent fall in technology.
Japan’s Nikkei eased 0.1 per cent as the drop in tech outweighed the gains in energy and financials.

Europe

A weaker sterling helped Britain’s FTSE 100 outperform European markets on Friday, while consumer giant Reckitt Benckiser fell after disappointing results and rare disease specialist Shire fell as Allergan pulled out of the running to acquire the company.
The leading UK stock index closed up 0.54 per cent at 7368.17 points, posting a fourth straight week of gains with a 1.4 per cent rise, its longest winning streak since mid-January.
Germany’s DAX index fell 0.21 per cent, and France’s CAC 40 ended 0.39 per cent higher.
Sterling fell after Bank of England Governor Mark Carney dampened widespread expectations for an interest rate hike in May.
Earnings continued to set the tone for trading.
Reckitt Benckiser shares fell 2.8 per cent after the maker of Dettol products reported that sales growth had missed expectations, including sluggish results at its Scholl footcare brand.

North America

Wall Street’s three major indexes fell on Friday amid investor fears about a jump in US bond yields. Tech stocks led the decline amid jitters over upcoming earnings reports and iPhone demand.
The technology index was the biggest drag on the S&P 500 with a 1.5 per cent drop after registering three straight days of losses ahead of a key earnings week for the sector.
The Dow Jones Industrial Average fell 201.95 points, or 0.82 per cent, to 24,462.94, the S&P 500 lost 22.99 points, or 0.85 per cent, to 2,670.14 and the Nasdaq Composite dropped 91.93 points, or 1.27 per cent, to 7,146.13.
Equity investors were jittery as the 10-year Treasury yield reached its highest level since January 2014 as a bond selloff continued for a second day, driving the yield curve steeper after two weeks of flattening.
The financial sector led S&P’s 11 industry sectors with a 0.05 per cent gain.

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Lex Hall is a Morningstar content editor, based in Sydney

© 2018 Morningstar, Inc. All rights reserved. Neither Morningstar, its affiliates, nor the content providers guarantee the data or content contained herein to be accurate, complete or timely nor will they have any liability for its use or distribution. This information is to be used for personal, non-commercial purposes only. No reproduction is permitted without the prior written consent of Morningstar. Any general advice or 'class service' have been prepared by Morningstar Australasia Pty Ltd (ABN: 95 090 665 544, AFSL: 240892), or its Authorised Representatives, and/or Morningstar Research Ltd, subsidiaries of Morningstar, Inc, without reference to your objectives, financial situation or needs. Please refer to our Financial Services Guide (FSG) for more information at www.morningstar.com.au/s/fsg.pdf. Our publications, ratings and products should be viewed as an additional investment resource, not as your sole source of information. Past performance does not necessarily indicate a financial product's future performance. To obtain advice tailored to your situation, contact a licensed financial adviser. Some material is copyright and published under licence from ASX Operations Pty Ltd ACN 004 523 782 ("ASXO"). The article is current as at date of publication.

 

 

is senior editor for Morningstar Australia

© 2021 Morningstar, Inc. All rights reserved. Neither Morningstar, its affiliates, nor the content providers guarantee the data or content contained herein to be accurate, complete or timely nor will they have any liability for its use or distribution. This information is to be used for personal, non-commercial purposes only. No reproduction is permitted without the prior written consent of Morningstar. Any general advice or 'regulated financial advice' under New Zealand law has been prepared by Morningstar Australasia Pty Ltd (ABN: 95 090 665 544, AFSL: 240892), or its Authorised Representatives, and/or Morningstar Research Ltd, subsidiaries of Morningstar, Inc, without reference to your objectives, financial situation or needs. For more information, refer to our Financial Services Guide (AU) and Financial Advice Provider Disclosure Statement (NZ). Our publications, ratings and products should be viewed as an additional investment resource, not as your sole source of information. Morningstar’s full research reports are the source of any Morningstar Ratings and are available from Morningstar or your adviser. Past performance does not necessarily indicate a financial product's future performance. To obtain advice tailored to your situation, contact a licensed financial adviser. Some material is copyright and published under licence from ASX Operations Pty Ltd ACN 004 523 782. The article is current as at date of publication.

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