Morning Notes

18/02/2016 Argonaut Morning Note

U.S. stocks closed higher Wednesday on the back of new economic data and a rise in oil prices. The Federal Reserve's January meeting minutes confirmed the majority of Fed officials showed concern about stock-market weakness and advised the central bank to hold off on a further rise in interest rates. U.S. industrial production rose 0.9% in January, the first increase since July, and well above expectations. The boost was driven by higher utility output (thanks to colder weather) and a 0.5% rise in manufacturing. Capacity utilisation rose 0.7 percentage points to 77.1%.

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17/02/2016 Argonaut Morning Note

U.S. stocks rose on Tuesday as some beaten-down sectors like financial services and consumer discretionary moved higher.Several oil producers including Saudi Arabia, Russia, Qatar and Venezuela said they would freeze oil production at January levels if Iran and Iraq followed suit. The news initially lifted oil futures, but prices fell again during the session over fears the move wouldn't have a major impact on supply.

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16/02/2016 Argonaut Morning Note

U.S. markets were closed Monday in commemoration of Presidents Day but U.S. stock futures advanced sharply, mirroring solid gains in Asia where weak economic data spurred hopes that central banks will launch more easing measures. Investors were also speculating whether a bottom has been reached after the recent selloff, with some analysts arguing the market is oversold in the short term.

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15/02/2016 Argonaut Morning Note

U.S. stocks snapped their losing streak on Friday to post the largest daily gain this month, due in part to an improvement in January retail sales. U.S. retail sales were up 0.2% in January from December levels. December's sales were revised up to a 0.2% gain from the originally reported 0.1% decline. Economists had predicted sales would show no change. The data was held down by a 3.1% drop in gas station sales (driven by low oil prices) and were helped by strong auto and internet sales.

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12/02/2016 Argonaut Morning Note

U.S. stocks followed global markets lower Thursday as the financial sector fell on continued concerns about growth, lower oil prices and its impact on the banking system. Oil futures continued to move lower, with prices falling below US$27 a barrel in New York. Yields on U.S. Treasuries fell to the lowest levels since August 2012 as global investors searched for safe havens.

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