Mon 9 Apr 2018


Shows:  watch Nightly Business Report. watch PBS NewsHour. watch Bloomberg Technology.
Indices: chart Market Today. Market (52 weeks). Portfolio (52 weeks).
FX:        chart USD Today. USD Year. AUD Today. AUD Year.


In Portfolioticker today

read_this Hey Jarvis, how did we go today?

Today at the stock market

bull/bearWall Street’s major indexes rose on Monday as a softer stance by U.S. policymakers on China tariffs powered a rebound from last week’s selloff, but stocks pared much of their gains late in the session after a report that the Federal Bureau of Investigation raided the office of President Donald Trump’s lawyer.

  • The S&P 500 index rose 8.69 points, or 0.33%, to 2,613.16
  • The Dow Jones Industrial Average rose 46.34 points, or 0.19%, to 23,979.10
  • The Nasdaq Composite index rose 35.23 points, or 0.51%, to 6,950.34
  • Declining issues outnumbered advancing ones on the NYSE by a 1.10-to-1 ratio; on Nasdaq, a 1.13-to-1 ratio favored advancers
  • Volume on U.S. exchanges was 6.28 billion shares, compared to the 7.3 billion average for the full session over the last 20 trading days.

Technology and health stocks led the benchmark S&P 500’s major sectors. Merck & Co Inc was the biggest boost to the Dow, while gains in Apple shares led the Nasdaq index.

Stocks climbed after Trump’s new economic adviser Larry Kudlow told CNBC that the president may be open to forming an international coalition to grapple with trade issues involving China. Bloomberg Report Investors will look for further signs of China’s stance on trade relations when Chinese President Xi Jinping speaks at the Boao Forum economic conference on Tuesday.

But stocks began paring gains late in the afternoon, a downward trend that accelerated after a report that the FBI had raided the New York office of Michael Cohen, Trump’s personal lawyer, upon a referral by Special Counsel Robert Mueller. Bloomberg Report

“Even if it ultimately ends up being nothing, the initial reaction is almost always negative in the market,” said Randy Frederick, vice president of trading and derivatives for Charles Schwab in Austin, Texas.

Big moves

AveXis Inc rose 81.6% after Swiss drugmaker Novartis offered to buy the gene therapy company for $8.7 billion.

Merck shares rose 5.2% after its blockbuster cancer drug, Keytruda, met the main study goal of helping previously untreated lung cancer patients live longer.

Shares of Leucadia National Corp rose 11.6% after the company said it would sell most of its non-financial assets to focus on investment banking and advisory services.

Earnings report season

Investors are looking forward to the start of earnings season to provide a sustained lift to U.S. stocks, with big banks, such as JPMorgan Chase, Citigroup and Wells Fargo, set to report first-quarter results on Friday.

Analysts expect quarterly profits for S&P 500 companies to rise 18.5% from a year ago, which would be the biggest gain in seven years, according to Thomson Reuters I/B/E/S.” Reuters

Market indices

Market indices
^ S&P500 Index today (mouseover for 12 month view) [Chart: Google Finance]

Index Ticker Today Change 31 Dec 17 YTD
S&P 500 SPX (INX) 2,613.16 +0.33% 2,238.83 -2.27%
DJIA INDU 23,979.10 +0.19% 19,762.60 -3.00%
NASDAQ IXIC 6,950.34 +0.50% 5,383.12 +0.68%

Portfolio Indices

USD and AUD denominated indices over the past 52 weeks (Chart: Bunting)
^ USD and AUD denominated indices over the past 52 weeks Chart: Bunting

Index values

Index Currency Today Change 31 Dec 17 YTD
USD-denominated Index USD 3.123 +0.82% 2.105 +1.80%
Valuation Rate USD/AUD 0.77455 +0.23% 0.72663 -1.37%
AUD-denominated Index AUD 4.033 +0.58% 2.895 +3.19%

Portfolio stock prices

Stock Ticker Today Change 31 Dec 17 YTD
Alphabet A GOOGL $1,020.09 +1.00% $1,053.00 -3.13%
Alphabet C GOOG $1,015.45 +0.83% $1,045.65 -2.89%
Apple AAPL $170.05 +0.99% $169.23 +0.48%
Amazon AMZN $1,406.08 +0.06% $1,169.54 +20.22%
Ebay EBAY $38.88 -0.54% $37.76 +2.96%
Facebook FB $157.93 +0.46% $176.46 -10.51%
PayPal PYPL $75.19 +1.80% $73.61 +2.14%
Twitter TWTR $28.01 -0.33% $24.01 +16.65%
Visa V $118.79 +0.92% $114.02 +4.18%
VMware VMW $120.47 +1.53% $125.32 -3.88%

FX: USD/AUD

USD

DXY movements
^ Bloomberg Dollar Spot Index (DXY) movements today (mouseover for 12 month view) Chart: Bloomberg

The Bloomberg dollar spot index (DXY) fell 0.2%
The EUR rose 0.3% to USD 1.2321.
Japan’s JPY rose 0.2% to 106.76 per USD.
Britain’s GBP rose 0.3% to USD 1.4132.
Russia’s RUB fell 3.9% to 60.3579 per USD, the biggest decrease since Jun 2015.

The yield on 10-year Treasuries added 1 basis point to 2.7753%.
Britain’s 10-year yield increased 1 basis point to 1.407%.
Germany’s 10-year yield climbed 1 basis point to 0.504%.
Bloomberg

AUD

AUD movements
^ AUD movements against the USD today (mouseover for 12 month view) Chart: xe.com

Oil and Gas Futures

Futures prices

Prices are as at 15:47 EDT

  • NYMEX West Texas Intermediate (WTI): $63.35/barrel +2.08% Chart
  • ICE (London) Brent North Sea Crude: $68.59/barrel +2.21% Chart
  • NYMEX Natural gas futures: $2.70/MMBTU -0.11% Chart

flag_europe EU: Labour Costs. 2017

Press Release Extract [eu_labour]

In 2017, average hourly labour costs in the whole economy (excluding agriculture and public administration) were estimated to be €26.8 in the European Union (EU) and €30.3 in the euro area. However, this average masks significant gaps between EU Member States, with the lowest hourly labour costs recorded in Bulgaria (€4.9), Romania (€6.3), Lithuania (€8.0), Latvia (€8.1), Hungary (€9.1) and Poland (€9.4), and the highest in Denmark (€42.5), Belgium (€39.6), Luxembourg (€37.6), Sweden (€36.6) and France (€36.0).

eu_labour_20180409

Hourly labour costs in industry were €27.4 in the EU and €33.4 in the euro area. In services, they were €26.6 and €29.3, respectively. In construction, hourly labour costs were €23.7 in the EU and €26.7 in the euro area. In the mainly non-business economy (excluding public administration), they were €27.2 and €30.1, respectively.

Labour costs consist of wages & salaries and non-wage costs (e.g. employers’ social contributions). The share of non-wage costs in total labour costs for the whole economy was 24.0% in the EU and 25.9% in the euro area. It ranged from 6.7% in Malta to 32.8% in France.

These estimates are issued by Eurostat, the statistical office of the European Union. Data cover enterprises with 10 or more employees and are based on Labour Cost Survey data for 2012, which are extrapolated through the Labour Cost Index.

In 2017, compared to previous year, hourly labour costs in the whole economy expressed in € rose by 2.3% in the EU and by 1.9% in the euro area.

When comparing labour cost estimates over time, levels expressed in national currency should be used to eliminate the influence of exchange rate movements.

Within the euro area, the largest increases were recorded in the Baltic Member States: Lithuania (+9.0%), Estonia (+7.4%) and Latvia (+7.0%). The only decrease was observed in Finland (-1.5%).

For Member States outside the euro area in 2017, the largest increase in hourly labour costs in the whole economy, expressed in national currency, were observed in Romania (+17.1%) and Bulgaria (+12.0%).

Eurostat, “Labour costs in the EU: Hourly labour costs ranged from €4.9 to €42.5 across the EU Member States in 2017“, 9 Apr 2018 More

flag_japan Japan update

Currency: USD/JPY

JPY movements
^ JPY movements against the USD over the past month (mouseover for inverse) Chart: xe.com

Stockmarket: Nikkei 225

n225 movements
^ Nikkei 225 movements over the past week [Chart: Google Finance]

flag_china China update

Currency: USD/CNY

CNY movements
^ CNY movements against the USD over the past month (mouseover for inverse) Chart: xe.com

China is evaluating the potential impact of a gradual CNY depreciation, people familiar with the matter said, as the country’s leaders weigh their options in a trade spat with U.S. President Donald Trump that has roiled financial markets worldwide.

Senior Chinese officials are studying a two-pronged analysis of the CNY that was prepared by the government, the people said. One part looks at the effect of using the CNY as a tool in trade negotiations with the U.S., while a second part examines what would happen if China devalues the CNY to offset the impact of any trade deal that curbs exports.

The analysis doesn’t mean officials will carry out a devaluation, which would require approval from top leaders, the people said, asking not to be named as the information is private.Bloomberg

Stockmarket: CSI300

CSI300 movements
^ CSI 300 movements over the past week [Chart: Google Finance]