Market Update & Important Indicators:
The Dow Jones Industrial Average and S&P 500 edged higher Friday to extend their rebound as stocks showed firm signs of regaining their footing after tumbling earlier this month. The blue-chip index gained 4.3% over the past five trading days to notch its best week since President Donald Trump's election, while the S&P 500's 4.3% move upward was its biggest weekly jump since 2013. The indexes were on pace for an even bigger rally, but they pared gains–and Nasdaq Composite turned lower–Friday afternoon when a Russian organization and several individuals were charged with interfering in the U.S. electoral process. Still, the Nasdaq had risen enough earlier in the week to add 5.3%, its biggest gain in seven years. Jitters about the threat of rising inflation subsided this week, as many investors said strong economic growth and robust corporate profits should support major indexes' move higher, similar to the sentiment for much of last year. The Dow industrials added 19 points, or less than 0.1%, to 25,219, despite rising as much as 232 points earlier in the day. The S&P 500 gained 1.02 points, or less than 0.1%, to 2732.22, while the Nasdaq declined 16.96 points, or 0.2%, to 7239.47. The U.S. gold price finished the week of slightly lower, falling 0.5% at 1346.50 US$/oz.
European shares ended higher, with the Stoxx Europe 600 up 1.1% at 380.62, the highest close in more than a week, tracking gains in U.S. stocks. Germany's DAX ended up 0.9%, France's CAC 40 up 1.1% and the U.K.'s FTSE 100 index up 0.8%. Spain and Italy outperformed, with the IBEX 35 up 1.2% and the FTSE MIB up 1.3%.
In Asia Pacific trading, a number of major markets were closed for the Lunar New Year holiday. The Nikkei Stock Average largely brushed aside the impact of a stronger yen to finish up 1.2% on Friday and up 1.6% for the week. Prime Minister Shinzo Abe's government on Friday nominated Bank of Japan Gov. Haruhiko Kuroda to a new five-year term, which is supportive for stocks in that it indicates monetary conditions will be kept ultra-loose for now, analysts say. Improved corporate results despite a stronger yen are supporting investor confidence, said Hiroki Shimazu, chief strategist at MCP Inc. Gains in Japanese stocks came even as the yen was last up 0.2% against the dollar Friday and up 2.7% against the greenback for the week.
Despite fading, Australian stocks still managed a solid week. Settling near the session low, and underperforming the rest of the region, the S&P/ASX 200 slipped almost 0.1% to 5904. Still, the index notched a weekly advance of 1.1%. Mining and energy stocks spent much of the day in the red, despite gains in crude and metals prices overnight, but most of the major banks let go of morning gains to finish lower. South32 and Newcrest in particular had a tough day, losing 5.1% and 3.2%, respectively, as analysts delved into their earnings.
The London Metal Exchange’s 3-month copper contract traded higher Friday, jumping 0.71% to close at $7,233/t. The other base metals were mixed to close out the week. Tin prices rose 0.8% to 21,872/t, whilst zinc prices jumped 0.1% to finish at 3,599/t. Rebounding from the previous session, aluminium prices performed strongly rising 2.5% at 2,218/t. Falling for the day, lead prices shed 0.5% to 2,616/t, whilst nickel also lost ground, falling 1.7% to 13,871/t.
Recent Contacts & Presentations:
Alliance Resources Ltd (AGS), Myanmar Metals Ltd (MYL), Primary Gold Ltd (PGO), Sino Gas & Energy Holdings Ltd (SEH), Australis Oil & Gas Ltd (ATS), Explaurum Ltd (EXU), Whitebark Energy Ltd (WBE), Atrum Coal Ltd (ATU), Melbana Energy Ltd (MAY), Genesis Minerals Ltd (GMD), Proteomics International Laboratories Ltd (PIQ), Ramelius Resources Ltd (RMS), MOD Resources Ltd (MOD), Greenland Minerals & Energy Ltd (GGG), Walkabout Resources Ltd (WKT), Marindi Metals Ltd (MZN), Volt Power Group Ltd (VPR), PharmAust Ltd (PAA), Alice Queen Ltd (AQX), Jervois Mining Ltd (JRV), St George Mining Ltd (SGQ), Overland Resources Ltd (OVR)
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