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DAILY RUNG
11/03/2019

A daily feed of market essentials

11.03.2019

Daily Rung

US: US share markets fell marginally lower on Friday with major indices down for a fifth straight day. The S&P500 index lost 0.2% and Nasdaq fell 0.2%. Over the week, the Dow and S&P 500 fell by 2.2% and the Nasdaq fell by 2.5%.

- Job growth was lower than expected but wage growth hit 10-year highs. The energy sector eased 2% in line with a lower oil price.

- Shares in supermarket wholesaler Costco Wholesale rose by 5.1% after quarterly profit topped estimates.

Europe: European markets closed lower on Friday as the weak US jobs data weighed on sentiment. The pan-European STOXX600 index fell by 0.9% and the FTSE100 fell by 0.7%. All major European bourses were in the red too.

- Bank shares fell 1.9%, extending losses after the European Central Bank downgraded its economic growth and inflation forecasts and announced more ECB stimulus.

Local: The local market fell 0.96% on Friday, giving up some recent gains on concerns about global growth. The financial sector led the weakness, falling 1.6% as CEOs of Westpac and the Commonwealth Bank of Australia faced questioning before the House of Representatives' Economics Committee. CBA shares closed 2% lower while dropped 1.3%.

- The energy sector also suffered heavy losses, despite a slight rise in global oil prices. Woodside Petroleum closed 1.3% lower, Santos slipped 1.1% and Oil Search also fell 2.2%.

- Gold stocks outperformed the market, as investors looked for safety. Northern Star gained 1.7% and Evolution Mining rose 1.7%. OceanaGold surged 8.6% on a positive trading update at one of its gold mines in New Zealand.

Daily Chart

Source: Bloomberg, Escala Partners
Enlarge

The rolling 12 month forward EPS of the ASX 200 has clearly slowed over the last 12 months, particularly on lower estimates for large sectors such as the banks. Up until mid-2018, the ASX 200 had closely tracked this earnings trend, indicating that the recent sell down and recovery had not reflected changes in the earnings environment.

Daily Data

Daily Weekly Monthly Quarterly Yearly
Equities Close +/- % % % % %
S&P/ASX 200  6,203.8  -60.1  -0.96%  +0.18%  +2.18%  +9.19%  +4.39% 
S&P/ASX 200 SPI  6,190.0  -14.0  -0.23%  -0.03%  +2.98%  +10.38%  +6.03% 
S&P/ASX 200 Accumulation  65,275.0  -626.5  -0.95%  +0.57%  +3.39%  +10.75%  +9.01% 
Dow Jones  25,450.2  -23.0  -0.09%  -2.21%  +1.37%  +4.35%  +2.23% 
S&P 500  2,743.1  -5.9  -0.21%  -2.16%  +1.30%  +4.18%  +0.15% 
Nasdaq  7,408.1  -13.3  -0.18%  -2.46%  +1.51%  +6.30%  -0.27% 
STOXX 600  370.6  -3.3  -0.89%  -0.98%  +3.49%  +7.27%  -1.61% 
FTSE 100  7,104.3  -53.2  -0.74%  -0.03%  +0.47%  +4.81%  -1.37% 
DAX  11,457.8  -60.0  -0.52%  -1.24%  +5.05%  +6.21%  -7.27% 
CAC 40  5,231.2  -36.7  -0.70%  -0.65%  +5.43%  +8.69%  -0.44% 
Nikkei 225  21,025.6  -430.4  -2.01%  -2.67%  +3.41%  -3.01%  -1.60% 
TOPIX  1,572.4  -29.2  -1.82%  -2.68%  +2.15%  -2.96%  -8.04% 
Hang Seng  28,228.4  -551.0  -1.91%  -2.03%  +1.01%  +8.31%  -7.91% 
Shanghai CSI 300  3,657.6  -151.3  -3.97%  -2.46%  +12.63%  +14.96%  -10.30% 
NZ 50  9,440.3  +2.9  +0.03%  +0.95%  +2.87%  +7.68%  +12.94% 
S&P 500 Sectors Close +/- % % % % %
Consumer Discretionary  852.8  -5.6  -0.66%  -2.53%  +1.10%  +4.32%  +2.61% 
Consumer Staples  554.8  +0.7  +0.12%  -0.69%  +0.39%  -0.70%  -0.43% 
Energy  469.8  -9.4  -1.95%  -3.86%  +1.28%  -0.33%  -4.63% 
Financials  429.7  +0.0  +0.00%  -2.69%  +0.99%  +3.44%  -10.51% 
Health Care  1,032.2  -2.5  -0.25%  -3.87%  -0.79%  -1.32%  +4.80% 
Industrials  622.5  -1.6  -0.25%  -2.86%  +1.36%  +9.28%  -3.28% 
Information Technology  1,222.1  -0.3  -0.03%  -2.16%  +2.62%  +8.19%  +1.35% 
Materials  341.6  +0.7  +0.21%  -0.55%  +3.42%  +5.63%  -9.19% 
Real Estate  215.5  +0.3  +0.12%  +0.46%  +0.44%  +2.86%  +13.56% 
Telecommunications  155.0  -0.1  -0.06%  -0.14%  +2.15%  +7.86%  -1.27% 
Utilities  290.1  +1.0  +0.36%  +0.70%  +2.73%  +1.98%  +16.85% 
Commodities Close +/- % % % % %
Oil (WTI)  $56.07  -$0.59  -1.04%  +0.48%  +5.61%  +5.18%  -0.36% 
Oil (Brent)  $65.74  -$0.56  -0.84%  +1.03%  +5.98%  +5.73%  +8.77% 
Gold  $1,298.30  +$12.69  +0.99%  +0.38%  -1.22%  +3.92%  -1.79% 
Silver  $15.34  +$0.31  +2.08%  +0.88%  -3.09%  +4.86%  -7.04% 
Iron Ore  $85.15  -$1.61  -1.86%  -0.97%  -7.58%  +27.55%  +16.63% 
Coking Coal  $1,254.50  -$2.56  -1.35%  -3.86%  -1.26%  -10.78%  -11.76% 
Thermal Coal  $93.00  -$2.40  -2.52%  -4.12%  -1.59%  -9.31%  -3.53% 
Copper  $2.90  -$0.01  -0.44%  -1.28%  +2.98%  +4.07%  -6.41% 
Aluminium  $0.85  +$0.00  +0.43%  -0.71%  -0.48%  -4.25%  -11.11% 
Nickel  $5.94  -$0.07  -1.10%  -1.62%  +4.14%  +19.98%  -1.36% 
Lead  $0.95  -$0.01  -0.71%  -0.82%  +0.48%  +4.76%  -10.57% 
Tin  $9.70  -$0.05  -0.47%  -3.78%  +1.54%  +12.50%  -0.79% 
Zinc  $1.23  -$0.01  -0.88%  -1.14%  +0.26%  +4.79%  -16.07% 
Interest Rates Close +/- % +/- +/- +/- +/-
RBA Cash Rate  1.50%  +0.000%     +0.00%  +0.00%  +0.00%  +0.00% 
90 Day Bank Bill  1.86%  -0.004%     -0.01%  -0.15%  -0.13%  -0.02% 
180 Day Bank Bill  1.96%  +0.000%     -0.03%  -0.19%  -0.18%  -0.07% 
Australian 3 Year Bond  1.58%  -0.026%     -0.08%  -0.02%  -0.33%  -0.49% 
Australian 10 Year Bond  2.03%  -0.055%     -0.12%  -0.07%  -0.42%  -0.77% 
US 10 Year Bond  2.63%  -0.011%     -0.12%  -0.01%  -0.22%  -0.23% 
US 30 Year Bond  3.01%  -0.014%     -0.11%  +0.03%  -0.13%  -0.11% 
iTraxx  71.19  +2.24     +3.77  -5.77  -20.46  +12.22 
Currencies Close +/- % % % % %
AUD/USD  0.705  +0.003  +0.41%  -0.48%  -0.61%  -2.26%  -9.55% 
AUD/JPY  78.33  +0.04  +0.06%  -1.14%  +0.69%  -3.55%  -5.33% 
AUD/EUR  0.627  +0.000  +0.05%  +0.69%  +0.18%  -0.95%  -0.85% 
AUD/GBP  0.54  +0.01  +0.99%  +0.99%  -1.11%  -4.30%  -3.97% 
AUD/NZD  1.035  -0.003  -0.33%  -0.56%  -1.54%  -1.25%  -3.46% 
EUR/USD  1.12  +0.00  +0.38%  -1.14%  -0.78%  -1.27%  -8.75% 
GBP/USD  1.302  -0.007  -0.53%  -1.42%  +0.55%  +2.27%  -5.76% 
USD/JPY  111.17  -0.41  -0.37%  -0.64%  +1.31%  -1.35%  +4.65% 
USD/CNY  6.721  +0.006  +0.10%  +0.22%  -0.35%  -2.22%  +5.98% 
Other Indicators Close +/- % % % % %
VIX  16.05  -0.54  -3.25%  +18.28%  +2.10%  -30.91%  -2.96% 
Australian DLCs Close +/- % % % % %
BHP Billiton PLC ($A)  $31.90  -$0.28  -0.89%  -1.77%  +2.55%  +17.61%  +28.12% 
Rio Tinto PLC ($A)  $76.09  -$1.21  -1.56%  -6.35%  -2.32%  +20.10%  +16.17% 
CYBG PLC ($A)  $3.61  -$0.15  -3.98%  -3.07%  +2.59%  +7.63%  -34.98% 
Janus Henderson Group PLC ($A)  $33.51  -$0.08  -0.24%  -3.95%  +4.64%  +14.27%  -24.77% 
Resmed Inc ($A)  $14.34  +$0.01  +0.09%  -1.57%  +4.96%  -6.05%  +14.40% 
News Corporation ($A)  $18.52  -$0.22  -1.17%  -3.30%  +3.63%  +5.05%  -12.02% 
Global Equities - Comms Close +/- % % % % %
Alphabet  1,149.97  -0.88  -0.08%  +0.13%  +4.32%  +9.88%  +1.82% 
Deutsche Telekom  14.87  -0.00  -0.03%  +2.34%  +5.13%  -1.62%  +12.15% 
Orange  13.57  +0.14  +1.04%  +1.76%  +2.22%  -7.47%  -3.93% 
Telefonica  7.58  +0.02  +0.26%  +1.30%  +3.68%  -1.35%  -6.06% 
Twenty-First Century Fox  50.45  -0.14  -0.28%  -0.32%  +1.55%  +2.42%  +35.69% 
Vivendi  25.57  +0.02  +0.08%  -0.20%  +15.18%  +20.33%  +21.82% 
Vodafone Group  136.80  +1.18  +0.87%  +1.91%  -1.36%  -15.96%  -34.10% 
Global Equities - Discretionary Close +/- % % % % %
Amazon.com  1,620.80  -5.15  -0.32%  -3.05%  +2.05%  -0.51%  +4.44% 
Bridgestone  4,305.00  -59.00  -1.35%  -3.21%  +5.72%  -5.34%  -5.84% 
Daimler  50.08  -0.36  -0.71%  -6.01%  +4.31%  +7.16%  -26.22% 
Ford Motor Co  8.42  -0.06  -0.71%  -4.21%  +0.36%  -4.54%  -20.64% 
Honda Motor Co  2,991.50  -54.50  -1.79%  -5.18%  +2.22%  -3.06%  -18.40% 
LVMH  305.80  -0.25  -0.08%  -0.26%  +7.85%  +22.57%  +24.51% 
McDonald's  179.50  -1.02  -0.57%  -3.00%  +2.72%  -1.89%  +16.23% 
Nike  84.80  -0.46  -0.54%  -2.71%  +2.96%  +15.63%  +30.24% 
Nissan Motor Co  911.50  -7.40  -0.81%  -5.38%  -0.31%  -6.35%  -18.14% 
Panasonic  980.00  -7.60  -0.77%  -3.73%  -2.24%  -11.55%  -39.19% 
Sony  5,063.00  -166.00  -3.17%  -4.74%  +3.20%  -13.98%  -5.84% 
Toyota  6,531.00  -53.00  -0.80%  -2.35%  +1.27%  -4.77%  -4.17% 
Global Equities - Staples Close +/- % % % % %
Coca-Cola  44.84  -0.44  -0.97%  -1.19%  -9.41%  -8.66%  +0.88% 
Colgate-Palmolive  65.35  +0.01  +0.02%  -0.98%  -0.52%  +4.21%  -7.98% 
Diageo  3,033.50  -13.50  -0.44%  +3.25%  +1.73%  +8.94%  +24.27% 
Kimberly-Clark  115.88  +0.70  +0.61%  +0.17%  +0.16%  +2.10%  +3.42% 
L'Oreal  229.10  +1.00  +0.44%  +2.55%  +4.71%  +11.21%  +27.00% 
Nestle  92.70  -0.10  -0.11%  +2.09%  +7.49%  +9.32%  +22.55% 
PepsiCo  115.23  -0.87  -0.75%  -0.82%  +1.96%  -0.51%  +2.81% 
Philip Morris  87.45  +0.48  +0.55%  -0.07%  +9.34%  +3.42%  -19.77% 
Procter & Gamble  98.41  -0.14  -0.14%  -0.03%  +0.72%  +6.45%  +23.06% 
Seven & I Holdings  4,535.00  -14.00  -0.31%  -7.49%  -4.61%  -7.64%  +3.97% 
Unilever  48.73  +0.19  +0.39%  +3.58%  +0.71%  -0.46%  +10.37% 
Walmart  97.59  +0.14  +0.14%  -0.35%  +2.10%  +4.72%  +11.00% 
Global Equities - Energy Close +/- % % % % %
BP  534.30  -6.40  -1.18%  +0.24%  -1.78%  +3.79%  +12.48% 
Chevron  121.62  -0.32  -0.26%  -0.34%  +3.44%  +5.31%  +7.30% 
Exxon Mobil  79.01  -1.15  -1.43%  -1.24%  +6.80%  +1.76%  +6.60% 
Repsol  14.76  -0.31  -2.06%  -2.38%  -0.71%  -0.20%  +5.69% 
Royal Dutch Shell  2,326.50  -35.50  -1.50%  -1.02%  -3.62%  -0.68%  +2.72% 
Total  50.33  -0.69  -1.35%  +0.91%  +3.92%  +4.49%  +8.41% 
Global Equities - Financials Close +/- % % % % %
Allianz  195.88  -1.38  -0.70%  -0.74%  +7.20%  +11.69%  +3.15% 
Aon  162.04  -0.51  -0.31%  -5.60%  -3.65%  +2.09%  +12.35% 
Aviva  414.90  -4.10  -0.98%  -3.96%  -0.72%  +8.73%  -18.42% 
AXA  21.99  -0.24  -1.08%  -2.40%  +9.32%  +11.49%  -2.96% 
BBVA  5.14  -0.08  -1.59%  -4.52%  +1.54%  +9.49%  -22.79% 
Banco Santander  4.08  -0.08  -2.03%  -4.14%  +2.91%  +2.50%  -25.44% 
Barclays  158.78  -3.50  -2.16%  -2.29%  +1.82%  +2.86%  -25.21% 
Citigroup  62.06  +0.16  +0.26%  -3.74%  +0.08%  +6.36%  -16.26% 
Credit Suisse Group  11.84  -0.16  -1.33%  -4.32%  +1.76%  +6.67%  -31.09% 
Deutsche Bank  7.68  -0.07  -0.95%  -6.04%  +6.68%  -0.34%  -41.38% 
Goldman Sachs  195.24  +2.47  +1.28%  -1.49%  +1.86%  +8.67%  -26.70% 
HSBC Holdings  624.00  -0.20  -0.03%  +1.61%  -2.79%  -3.08%  -11.21% 
ING Groep  10.44  -0.26  -2.47%  -10.52%  -2.67%  +3.16%  -27.38% 
JPMorgan Chase & Co  103.01  +0.04  +0.04%  -1.36%  +1.63%  -0.27%  -10.22% 
Marsh & McLennan Cos  89.58  -0.26  -0.29%  -3.56%  -0.38%  +5.67%  +6.09% 
Mitsubishi UFJ Fin Group  559.50  -12.90  -2.25%  -3.27%  -2.01%  -7.09%  -22.28% 
Morgan Stanley  41.36  +0.19  +0.46%  -2.68%  +1.35%  +0.10%  -27.39% 
Munich Re Group  208.70  +0.20  +0.10%  +0.10%  +5.54%  +11.66%  +13.24% 
Prudential  1,517.50  -42.00  -2.69%  -5.51%  +2.67%  +6.68%  -17.41% 
Societe Generale  25.30  -0.64  -2.47%  -6.43%  +5.33%  -16.93%  -45.18% 
Standard Chartered  610.50  -7.80  -1.26%  -0.13%  -1.21%  +2.92%  -21.55% 
Swiss Re  97.18  -0.76  -0.78%  -1.98%  +1.44%  +8.85%  +0.48% 
UBS Group  12.03  -0.16  -1.35%  -5.35%  -4.87%  -4.26%  -31.25% 
Global Equities - Health Care Close +/- % % % % %
Abbott Laboratories  76.63  -0.17  -0.22%  -2.49%  +4.50%  +9.55%  +23.86% 
AstraZeneca  6,271.00  +13.00  +0.21%  +1.37%  +10.09%  +5.80%  +30.24% 
Bayer  69.49  -1.65  -2.32%  -2.72%  +4.97%  +9.55%  -27.55% 
Bristol-Myers Squibb  51.39  -0.12  -0.23%  -3.44%  +2.33%  -3.18%  -23.01% 
GlaxoSmithKline  1,512.40  +3.00  +0.20%  +0.13%  -3.35%  +5.22%  +12.30% 
Johnson & Johnson  138.06  -0.18  -0.13%  -0.21%  +4.27%  -5.07%  +4.54% 
Koninklijke Philips  34.90  -0.63  -1.76%  -1.36%  +3.07%  +8.37%  +9.61% 
Merck & Co  79.80  -0.65  -0.81%  -2.27%  +2.94%  +4.01%  +45.73% 
Novartis  89.94  -0.48  -0.53%  -1.32%  +1.60%  +3.38%  +15.07% 
Pfizer  40.89  -0.50  -1.21%  -5.70%  -3.17%  -6.90%  +12.03% 
Roche  269.80  -1.90  -0.70%  -2.58%  +0.54%  +7.62%  +17.95% 
Sanofi  76.78  +0.14  +0.18%  +3.76%  +2.02%  +0.30%  +18.29% 
Global Equities - Industrials Close +/- % % % % %
3M  200.89  +1.03  +0.52%  -3.18%  +0.54%  +1.34%  -15.00% 
ABB  18.90  -0.21  -1.10%  -3.18%  -0.63%  -0.26%  -18.03% 
Caterpillar  131.35  -1.45  -1.09%  -4.45%  +2.14%  +6.31%  -14.48% 
Cie de Saint-Gobain  31.17  +0.03  +0.10%  -0.54%  +0.92%  +4.09%  -31.87% 
Emerson Electric  66.60  -0.70  -1.04%  -2.63%  -0.21%  +5.80%  -5.14% 
General Electric  9.58  +0.13  +1.38%  -6.72%  +1.59%  +42.17%  -31.36% 
Johnson Controls International  35.88  +0.21  +0.59%  +1.67%  +5.53%  +9.86%  -4.65% 
Schneider Electric  67.60  -1.66  -2.40%  -2.11%  +8.86%  +10.17%  -4.30% 
Siemens  95.14  -1.31  -1.36%  -1.86%  +3.96%  -2.61%  -9.85% 
United Technologies Corp  124.02  -0.44  -0.35%  -1.39%  +1.25%  +3.83%  -5.52% 
Global Equities - Tech Close +/- % % % % %
Apple  172.91  +0.41  +0.24%  -1.18%  +1.47%  +2.62%  -2.28% 
Canon  3,130.00  -52.00  -1.63%  -1.51%  -0.29%  -1.26%  -19.10% 
HP  18.74  -0.08  -0.43%  -4.39%  -18.24%  -18.27%  -21.75% 
Intel  52.48  -0.12  -0.23%  -1.54%  +7.45%  +13.49%  +3.43% 
IBM  135.09  -0.27  -0.20%  -2.95%  +1.03%  +13.20%  -13.52% 
Microsoft  110.51  +0.12  +0.11%  -1.80%  +4.58%  +5.43%  +17.03% 
Samsung Electronics  43,800.00  -650.00  -1.46%  -2.88%  -2.23%  +6.96%  -10.98% 
Texas Instruments  104.86  -0.09  -0.09%  -1.78%  +0.30%  +13.51%  -4.23% 
Global Equities - Materials Close +/- % % % % %
Anglo American  1,987.00  -46.00  -2.26%  -0.65%  +2.70%  +23.59%  +16.39% 
BASF  66.40  -0.66  -0.98%  -2.44%  +6.14%  +9.41%  -22.18% 
DowDuPont  54.68  +0.16  +0.29%  +2.51%  +5.74%  +1.73%  -22.53% 
Global Equities - Real Estate Close +/- % % % % %
American Tower Corp  181.61  -0.14  -0.08%  +2.07%  +5.32%  +9.12%  +27.23% 
Global Equities - Utilities Close +/- % % % % %
E.ON  9.73  +0.01  +0.07%  -0.11%  +2.93%  +9.64%  +14.34% 
Engie  13.24  -0.04  -0.30%  -0.75%  -3.64%  +9.20%  +0.84% 
National Grid  873.40  +6.30  +0.73%  +2.84%  +3.70%  +5.33%  +10.33% 
RWE  21.62  +0.03  +0.14%  -0.18%  +0.32%  +13.82%  +21.12% 

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