The information of stocks that lost in prices are displayed on an electronic board inside the n Securities Exchange, operated by ASX Ltd., in Sydney, , on Friday, July 24, 2015. The n dollar slumped last week as a gauge of Chinese manufacturing unexpectedly contracted, aggravating the impact of declines in copper and iron ore prices. Photographer: Brendon Thorne/Bloomberg MARKETS. 7 JUNE 2011. AFR PIC BY PETER BRAIG. STOCK EXCHANGE, SYDNEY, STOCKS. GENERIC PIC. ASX. STOCKMARKET. MARKET.
Stock information is displayed on an electronic board inside the n Securities Exchange, operated by ASX Ltd., in Sydney, , on Friday, July 24, 2015. The n dollar slumped last week as a gauge of Chinese manufacturing unexpectedly contracted, aggravating the impact of declines in copper and iron ore prices. Photographer: Brendon Thorne/Bloomberg
It’s was all quiet on the Western Front in European and US trade and a pause after what has been such a strong run for global equity and credit markets. The long and short of it
Whether the gains can continue this week is obviously yet to be seen. I remain bullish, but of the view that these markets are tired, fatigued and need new information to feed the beast. So much cash has come off the sidelines, with one US investment bank recently disclosing that its institutional clients have never held a lower cash balance in the bank’s account, which suggests both active discretionary and systematic funds are all-in on this rally. The idea of reflation and this well-documented goldilocks backdrop for equity appreciation and risk-taking is now mature, with investors having reacted to good economic growth (75 per cent of countries enjoy above-trend GDP), robust earnings growth, fairly low inflation and predictably central bank policy, which is helping keep implied and realised volatility low. SPI futures down 7 points or 0.1% to 5868AUD -0.2% to 78.01 US centsOn Wall St: Dow -0.2%, S&P 500 -0.3%, Nasdaq -0.6%In New York, BHP -0.1% Rio -0.7%In Europe: Stoxx 50 +0.1%, FTSE flat, CAC +0.3%, DAX +0.1%Spot gold flat at $US1280.16 an ounceBrent crude -0.6% at $US57.39 a barrelUS oil flat at $US51.86 a barrelIron ore -0.7% to $US62.00 a tonneDalian iron ore +0.2% to 460 yuanLME aluminium +0.1% to $US2137 a tonneLME copper +0.8% to $US7004 a tonne10-year bond yield: US 2.37%, Germany 0.43%, 2.79%
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