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Morning (AM) Market Report

US President Trump again reiterated that talks with China were "going well" and he said something could happen regarding tariffs on 15 December, "but were not discussing that".

Friday, 6th December, 2019

Chinese shares rose on Thursday, lifted by renewed hopes that China and the United States may be closer to a 'phase one' trade deal to end the 17-month-long bitter tariff war - but conflicting messages from Trump continue to sow confusion. At the close, the Shanghai Composite index was up 0.74 percent at 2,899.47. It has gained 1.48 percent since hitting more than three-month lows on Tuesday. The blue-chip CSI300 index was up 0.77 percent, with its financial sector sub-index higher by 0.74 percent, the consumer staples sector up 0.24 percent, the real estate index down 0.11 percent and the healthcare sub-index up 0.96 percent. Signs of hope on US-China trade saw Hong Kong stocks rise on Thursday, despite the tempering effect of Trump's remarks. The Hang Seng index closed up 0.6 per cent at 26,217.04 points, while the Hang Seng China Enterprises index gained 0.7 percent. In Japan, the Nikkei share average bounced back on Thursday, with steelmakers leading the gains. The Nikkei 225 index rose 0.71 percent to 23,300.09, back above the 25-day moving average of 23,275, a key technical level.

The pan-European STOXX 600 index closed down 0.13 percent, while the STOXX 50E benchmark was up 0.2 percent on Thursday. The blue-chip FTSE 100 index was down 0.1 percent, while the more domestically focused mid-cap index, the FTSE 250, was flat. The best performer among blue chips was Burberry. Like much of the European luxury sector, Burberry was boosted by a report that French group Kering had expressed interest in a potential takeover of Italy's Moncler.

US President Trump again reiterated on Thursday that talks with China were "going well" and he said something could happen regarding tariffs on 15 December, "but we're not discussing that." Trump also said the United States may take action on trade with countries that are not contributing enough to the North Atlantic Treaty Organisation. US tariffs on about $156 billion of Chinese imports that are set to begin on 15 December, and Trump suggesting he would slap tariffs on French imports, have created uncertainty. On Wall Street, the Dow Jones Industrial Average rose 26.74 points, or 0.1 percent, to 27,676.52. The S&P 500 gained 4.48 points, or 0.14 percent, to 3,117.24 and the Nasdaq Composite added 2.88 points, or 0.03 percent, to 8,569.55.

Ahead of the local open SPI futures were 8 points higher at 6687.

Foreign Equities Close Change % Change 
Dow Jones (US) 

27678

28

0.10
FTSE 100 Index 7138 -51 -0.70
HKSE 26217 154 0.59
NASDAQ 8571 4 0.05
Nikkei 225 (Japan) 23300 165 0.71
NZ50 11271 13 0.12
S&P 500  3117 5 0.15
Commodities US$ Close Change % Change 
Aluminium /t 1752 -15 -0.88
Copper  /t 5859 2 0.03
Gold /oz 1476 -1 -0.07
Nickel /t 13249 174 1.33
Oil - West Texas /bbl  58.4 --

--

Iron-Ore   /t  88 -- --
Zinc /t   2239  -20 -0.87
Currency Close Pts Change % Change 
$A vs $US 0.6831 -0.0012 -0.17
$A vs GBP 0.5189 -0.0033 -0.64
$A vs EUR 0.61751 -0.0028 -0.45
$A vs YEN 74.29

-0.23

-0.31
$A vs NZD 1.0428 -0.0010 -0.10