Market Update & Important Indicators
US stocks have finished lower following a mixed batch of earnings reports and another big decline by technology giant Apple. The Dow Jones Industrial Average dropped 47.51 points (0.27 per cent) to 17,550.69. The broad-based S&P 500 fell 4.72 (0.22 per cent) to 2,093.32, while the tech-rich Nasdaq Composite Index slid 9.84 (0.19 per cent) to 5,105.55. Apple fell 3.2 per cent, leaving it down more than 12 per cent since its July 21 earnings release. Analysts have cited fears of slowing growth, in part due to weakening conditions in China, a key Apple market. Insurer Allstate fell 10.2 per cent after a rise in payments for auto accidents dented second-quarter earnings, while handbag and accessories retailer Coach rose 3.2 per cent after reporting better-than-expected results.
Europe's main stock markets diverged as investors react to the fallout from the plunge of banking shares on the Athens stock exchange. London's benchmark FTSE 100 index slipped 0.03 per cent to finish at 6,686.57 points. The CAC 40 in Paris slid 0.16 per cent to 5,112.14 points, while Frankfurt's DAX 30 rose 0.11 per cent to 11,456.07 points. The euro rose slightly to $US1.0957 from $US1.0954 late in New York on Monday. The ATHEX index finished the day down 1.22 per cent after suffering its steepest ever fall of 16.32 per cent on Monday when trading resumed after a five-week shutdown imposed by the country's debt crisis.
Asian stocks closed mixed as China announced new rules restricting short selling after a recent market rout and Australia held interest rates at rock-bottom levels. Shanghai jumped 3.69 per cent or 133.63 points to 3,756.54, while Hong Kong ended flat, down 0.02 per cent or 5.3 points to 24,406.12. Tokyo eased 0.14 per cent or 27.75 points to close at 20,520.36, while Seoul gained 0.97 per cent or 19.50 points to close at 2,027.99.
In Australia, the benchmark S&P/ASX200 index advanced 0.33 per cent or 18.6 points to close at 5,697.9. The broader All Ordinaries index was up 17.6 points, or 0.31 per cent, at 5,681.9 points. The Australian market looks set to open lower after falls on Wall Street following a mixed batch of earnings reports. At 0815 AEST on Wednesday, the September share price index futures contract was down 16 points at 5,623. The market on Tuesday closed higher as biotechnology giant CSL broke through the $100 milestone and retailers surged on good sales numbers.
Oil prices have risen modestly snapping a three-day skid as traders await key data on US petroleum supplies and employment levels. US benchmark West Texas Intermediate for delivery in September rose 57 cents to $US45.74 a barrel on the New York Mercantile Exchange on Tuesday. European benchmark Brent oil for delivery in September added 47 cents at $US49.99 a barrel in London.
Metals were generally up on the LME. Lead and Nickel posted the largest gains up 2.1% & 0.8% to US$1,733/t and US$10,780/t respectively. Tin was the only looser, down 1.4% to US$15,796/t. Gold was up slightly, rising 0.1% to US$1,087.5/oz.
Upcoming Events
Kalgoorlie Diggers and Dealers 3rd to 5th August
Argonaut will be attending eight site visits through the course of the week including Evolution (EVN) Frogs Legs project today.
Kalgoorlie Diggers and Dealers. Companies presenting today
Vimy Resources Limited – Mike Young, Managing Director & CEO
Ramelius Resources Ltd – Mark Zeptner, Managing Director
Sandfire Resources NL – Karl Simich, Managing Director & CEO
Metals X Limited – Peter Cook, Executive Director & CEO
Peak Resources Limited – Darren Townsend, Managing Director
MacPhersons Resources Ltd– Brendan James, CEO
Neometals Ltd – Chris Reed, Managing Director
Rox Resources Limited – Ian Mulholland, Managing Director
Gold Fields Australia Pty Limited – Stuart Mathews, Vice President Operations: Australia
ABM Resources NL – Darren Holden, Managing Director
TNG Limited – Paul Burton, Managing Director
Panoramic Resources Limited – Peter Harold, Managing Director
OceanaGold Corporation – Mick Wilkes, Managing Director & CEO
Dacian Gold Limited – Rohan Williams, Executive Chairman
Norton Gold Fields Limited – Dr George Fang, Chairman
Recent Contacts & Presentations
Resolute (RSG), Pacifico (PMY), Kingsgate (KCN), Troy (TRY), Northern Star (NST), Sandfire (SFR), Regis (RRL), Saracen (SAR), Sino Gas & Energy (SEH), Dacian (DCN), Buru Energy (BRU), Carnarvon Petroleum (CVN), Otto Energy (OEL), Empire Oil & Gas (EGO), Pura Vida Energy NL (PVD), High Peak Royalties (HPR), Karoon Gas (KAR), Austex Oil (AOK), Central Petroleum (CTP), Senex Energy (SXY), Newmont, Coventry (CYY)
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