Morning Notes

09/07/2015 Argonaut Morning Note

The Dow Jones Industrial Average fell to a five-month low Wednesday amid a nearly four-hour suspension of trading on the New York Stock Exchange and broader concerns about the pace of global growth. The Dow Jones Industrial Average fell 261 points, or 1.5%, to 17,515 and the S&P 500 declined 35 points, or 1.7%, to 2,047. NYSE trading reopened Wednesday afternoon after a halt of nearly four hours, with the exchange attributing the outage to a technical issue. Concerns about the pace of global growth were sparked earlier Wednesday after the selloff in Chinese stocks spilled over into other markets.

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08/07/2015 Argonaut Morning Note

U.S. stocks pared their sharpest losses Tuesday, as a selloff in commodities abated and investors kept an eye on the latest turns in a last-minute push to keep Greece in the eurozone. Investors continued to track developments in Europe, where earlier Tuesday European policy makers expressed mounting frustration with Greece's government after the Greeks came empty-handed to a meeting of finance ministers. Officials had expected to discuss a new financing proposal from Athens. In the coming weeks, investors will turn their focus to second-quarter earnings reports from U.S. companies. The earnings season unofficially kicks off Wednesday afternoon with Alcoa Inc.'s second-quarter report. Quarterly profits for S&P 500 companies are forecast to decline 4.5% for the quarter, according to FactSet. That would mark the first decline since the third quarter of 2012.

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07/07/2015 Argonaut Morning Note

U.S. stocks drifted lower Monday after Greeks resoundingly rejected creditors' conditions for further financial aid. More than 61% of Greek citizens voted "no" in Sunday's referendum on the terms for a bailout that included pension cuts, tax increases and other measures. The "no" vote appeared to increase the likelihood that Greece may eventually exit the eurozone. Meanwhile, worries about China's stock markets contributed to the price of oil falling to a three-month low. Energy companies were the worst performing group in the S&P 500, which lost 8 points, or 0.4%, to 2,069. The Dow Jones Index dropped 47 points, or 0.3%, to 17,684.

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06/07/2015 Argonaut Morning Note

Wall Street was closed on Friday for a public holiday.  Europe's main stock markets slipped with all eyes on Greece's weekend referendum on its bailout terms and future place in the eurozone. In the eurozone, the CAC 40 in Paris closed down 0.57 per cent to 4,808.22 points on Friday and Frankfurt's DAX 30 declined 0.37 per cent to 11,058.39 points amid the uncertainty over the outcome of the Greek referendum which the latest opinion polls say is too close to call. Outside the eurozone, London's benchmark FTSE 100 index of top companies fell 0.67 per cent to end the day at 6,585.78 points. The euro dropped below $US1.10 earlier before recovering slighting to $US1.1098 from $US1.1086 late in New York on Thursday.

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03/07/2015 Argonaut Morning Note

U.S. stocks posted small losses as a mixed report on June labor markets failed to pull attention away from Greece's weekend referendum on its creditors' demands. The Labor Department said 223,000 jobs were added to the U.S. economy in June, while the unemployment rate fell to 5.3% from 5.5%. The number of new jobs created came in just below expectations for 233,000, while wages remained flat and job creation in the spring was weaker than initially estimated, the Labor Department said. The Dow Jones index dropped 28 points, or 0.2%, to 17,730, while the S&P 500 closed flat at 2,077.

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