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DAILY RUNG
15/05/2019

A daily feed of market essentials

15.05.2019

Daily Rung

US:  US equities rose on Tuesday, regaining some of the sharp losses from the previous session, as investors weighed the impact of the escalating trade war between the United States and China.

The Dow Jones Industrial Average rose 207 points to 25,532, boosted by gains in Visa and Boeing shares.

Boeing climbed 1.7% while Apple rose 1.6%. Caterpillar shares gained 1.7%. Bank shares also rose broadly. Citigroup and Bank of America rose more than 1% each while J.P. Morgan Chase gained 0.8%.

Microsoft shares rose 1.1% to boost the tech sector. Cisco Systems also gained 1.4% after an analyst at Bank of America touted it as the tech stock to buy amid rising U.S.-China trade fears. Coca-Cola shares rose 1.3% after Morgan Stanley upgraded it to overweight from equal weight.

EUROPE: European stocks traded higher Tuesday as investors began to mitigate the sharp downturn caused by China’s announcement of retaliatory tariffs on U.S. imports.

shares of Bayer dropped 2%, after a California jury hit the German pharmaceutical giant with a $2 billion punitive damages award to a couple who claimed its Roundup weed killer caused their cancer. It was the largest U.S. jury verdict to date in litigation over the chemical.

German insurer Allianz posted a small rise in net profit for the first quarter from the same time period last year, marginally ahead of expectations, and confirmed its targets for 2019. Net profit rose to 1.969 billion euros ($2.21 billion). The company’s stock rose slightly in early trade.

Volkswagen shares traded 1% higher after the German automaker presented plans for an IPO (initial public offering) of its truck division.

LOCAL: A deterioration in trade negotiations between the US and China sent the local share market tumbling to its biggest fall in more than seven weeks on Tuesday following sharp falls on Wall Street overnight.

At the close of trade, the ASX benchmark S&P/ASX200 had lost 58 points, or 0.92% to 6,240 points.

Pharmaceutical company Mayne Pharma was the worst performer of the session, tumbling 15% to $0.57 cents after it flagged a difficult start to the calendar year with revenue down sharply due to increased competition in the generic products business.

Gold miners lifted after a rise in the gold price, as investors sought a safe haven from market chaos.

Evolution Mining jumped 7.2% to $3.57 while Regis Resources climbed 6.8% to $4.72. Northern Star turned up 4.3% to $9.45 while Newcrest strengthened 1.8% to $26.05.

Daily Chart

Source: Thomson Reuters, Escala Partners
Enlarge

The negative trend in earnings revisions for ASX 200 companies has improved over the last couple of months, with the index returning to close to its long term average. Resources stocks have been the key support in earnings upgrades, with higher commodity prices filtering through earnings estimates.

Daily Data

Daily Weekly Monthly Quarterly Yearly
Equities Close +/- % % % % %
S&P/ASX 200  6,239.9  -57.7  -0.92%  -0.89%  -0.18%  +2.98%  +1.71% 
S&P/ASX 200 SPI  6,251.0  +25.0  +0.40%  +0.19%  +0.18%  +4.18%  +4.62% 
S&P/ASX 200 Accumulation  65,975.7  -519.0  -0.78%  -0.54%  +0.19%  +4.42%  +6.36% 
Dow Jones  25,532.1  +207.1  +0.82%  -1.67%  -3.33%  +0.36%  +2.54% 
S&P 500  2,834.4  +22.5  +0.80%  -1.72%  -2.51%  +3.23%  +3.82% 
Nasdaq  7,734.5  +87.5  +1.14%  -2.88%  -3.13%  +4.14%  +4.36% 
STOXX 600  376.3  +3.8  +1.01%  -1.39%  -2.89%  +3.45%  -4.04% 
FTSE 100  7,241.6  +77.9  +1.09%  -0.26%  -2.63%  +0.62%  -6.09% 
DAX  11,991.6  +115.0  +0.97%  -0.84%  -0.07%  +8.13%  -7.60% 
CAC 40  5,341.4  +78.8  +1.50%  -1.01%  -2.93%  +5.51%  -3.60% 
Nikkei 225  21,067.2  -124.0  -0.59%  -3.91%  -3.67%  -0.34%  -7.87% 
TOPIX  1,535.0  -6.2  -0.40%  -4.05%  -4.39%  -3.45%  -15.00% 
Hang Seng  28,122.0  -428.2  -1.50%  -4.23%  -5.98%  -1.09%  -10.84% 
Shanghai CSI 300  3,645.2  -23.6  -0.64%  -2.03%  -8.61%  +7.14%  -6.76% 
NZ 50  10,070.4  -56.5  -0.56%  +0.43%  +3.09%  +8.46%  +15.58% 
S&P 500 Sectors Close +/- % % % % %
Consumer Discretionary  910.7  +7.9  +0.87%  -2.54%  -2.73%  +5.82%  +8.92% 
Consumer Staples  585.5  +2.2  +0.37%  +0.34%  +0.99%  +5.84%  +15.43% 
Energy  469.3  +5.1  +1.09%  -0.42%  -6.07%  -1.89%  -17.51% 
Financials  445.5  +3.5  +0.80%  -2.01%  -1.15%  +3.82%  -4.81% 
Health Care  1,013.3  +4.1  +0.41%  -1.50%  -2.50%  -4.23%  +4.85% 
Industrials  630.1  +6.7  +1.07%  -1.62%  -3.21%  +0.43%  +0.57% 
Information Technology  1,305.3  +20.5  +1.60%  -2.83%  -3.14%  +7.85%  +6.53% 
Materials  340.0  +2.8  +0.82%  -1.03%  -6.54%  +0.94%  -8.12% 
Real Estate  224.1  +0.8  +0.35%  +1.87%  -1.33%  +3.93%  +16.15% 
Telecommunications  160.6  +0.4  +0.24%  -2.60%  -2.59%  +5.19%  +9.90% 
Utilities  294.2  -2.6  -0.87%  +0.47%  -0.37%  +4.75%  +15.83% 
Commodities Close +/- % % % % %
Oil (WTI)  $61.78  +$0.74  +1.21%  +0.62%  -3.50%  +10.52%  -6.15% 
Oil (Brent)  $70.95  +$0.72  +1.03%  +1.53%  -0.15%  +10.45%  -2.27% 
Gold  $1,296.92  -$2.99  -0.23%  +0.97%  +0.50%  -1.19%  -1.26% 
Silver  $14.79  +$0.02  +0.16%  -0.83%  -1.25%  -5.34%  -10.51% 
Iron Ore  $90.83  -$1.31  -1.42%  -1.92%  -3.20%  +7.01%  +33.30% 
Coking Coal  $1,349.00  -$1.00  -0.51%  -2.98%  +0.33%  +4.17%  -1.12% 
Thermal Coal  $85.45  -$0.70  -0.81%  -2.62%  -3.01%  -6.00%  -18.50% 
Copper  $2.73  +$0.01  +0.27%  -2.48%  -7.05%  -1.79%  -12.46% 
Aluminium  $0.84  +$0.02  +1.96%  +0.46%  -0.99%  -0.30%  -20.46% 
Nickel  $5.41  +$0.06  +1.14%  -1.93%  -8.46%  -2.30%  -17.79% 
Lead  $0.82  +$0.01  +0.98%  -0.86%  -6.36%  -11.51%  -24.42% 
Tin  $8.98  +$0.21  +2.43%  +6.39%  -4.02%  -5.29%  -5.51% 
Zinc  $1.18  +$0.01  +1.05%  -1.59%  -11.41%  +0.12%  -15.09% 
Interest Rates Close +/- % +/- +/- +/- +/-
RBA Cash Rate  1.50%  +0.000%     +0.00%  +0.00%  +0.00%  +0.00% 
90 Day Bank Bill  1.63%  -0.012%     -0.02%  -0.06%  -0.34%  -0.29% 
180 Day Bank Bill  1.65%  -0.020%     -0.02%  -0.12%  -0.45%  -0.37% 
Australian 3 Year Bond  1.24%  -0.025%     -0.08%  -0.20%  -0.45%  -0.91% 
Australian 10 Year Bond  1.70%  -0.024%     -0.08%  -0.18%  -0.45%  -1.07% 
US 10 Year Bond  2.41%  +0.009%     -0.05%  -0.15%  -0.24%  -0.59% 
US 30 Year Bond  2.85%  +0.012%     -0.02%  -0.13%  -0.15%  -0.29% 
iTraxx  73.44  +0.92     +4.45  +4.57  +0.30  +8.69 
Currencies Close +/- % % % % %
AUD/USD  0.694  +0.000  +0.00%  -0.97%  -3.19%  -2.28%  -7.73% 
AUD/JPY  76.12  +0.21  +0.28%  -1.55%  -5.26%  -3.04%  -7.77% 
AUD/EUR  0.620  +0.001  +0.16%  -1.09%  -2.38%  -1.48%  -1.77% 
AUD/GBP  0.54  +0.00  +0.41%  +0.32%  -1.94%  -3.07%  -3.09% 
AUD/NZD  1.056  -0.001  -0.12%  -0.57%  -0.43%  +1.61%  -2.99% 
EUR/USD  1.12  -0.00  -0.16%  +0.12%  -0.84%  -0.81%  -6.06% 
GBP/USD  1.291  -0.005  -0.41%  -1.30%  -1.29%  +0.80%  -4.80% 
USD/JPY  109.61  +0.31  +0.28%  -0.59%  -2.15%  -0.79%  -0.05% 
USD/CNY  6.875  -0.003  -0.05%  +1.46%  +2.56%  +1.52%  +8.45% 
Other Indicators Close +/- % % % % %
VIX  18.06  -2.49  -12.12%  -6.52%  +50.37%  +11.34%  +39.68% 
Australian DLCs Close +/- % % % % %
BHP Billiton PLC ($A)  $32.48  +$0.51  +1.58%  -1.30%  -7.91%  +1.73%  +4.77% 
Rio Tinto PLC ($A)  $83.73  +$2.22  +2.72%  +1.83%  -3.72%  +6.90%  +9.61% 
CYBG PLC ($A)  $3.55  +$0.11  +3.13%  -2.56%  -10.16%  +4.23%  -38.94% 
Janus Henderson Group PLC ($A)  $30.46  -$0.04  -0.14%  -4.14%  -11.91%  -6.87%  -32.60% 
Resmed Inc ($A)  $16.14  +$0.17  +1.09%  +0.73%  +13.18%  +15.32%  +18.90% 
News Corporation ($A)  $16.78  +$0.10  +0.60%  +0.21%  -5.61%  -6.05%  -22.30% 
Fixed Income Indices Close +/- % % % % %
Barclays Glb Agg Bond  1,018.1      +0.09%  +0.67%  +1.97%  +5.48% 
Barclays Glb Treasurys  966.7      +0.12%  +0.60%  +1.67%  +5.22% 
Barclays Global Agg Corp  391.3      -0.10%  +0.71%  +2.84%  +6.11% 
Barclays US Agg  2,117.4      +0.19%  +0.92%  +2.33%  +5.95% 
Bloomberg Barclays Glb HY  572.6      -0.66%  -0.58%  +1.85%  +4.36% 
Bloomberg Australia Comp  9,953.7      +0.48%  +1.23%  +2.98%  +8.18% 
Cash Rates Close +/- % % % % %
Australian Cash Rate  1.50%  +0.00%    0.00%  0.00%  0.00%  0.00% 
US Cash Rate  2.50%  +0.00%    0.00%  0.00%  0.00%  0.75% 
UK Cash Rate  0.75%  +0.00%    0.00%  0.00%  0.00%  0.25% 
ECB Deposit Rate  -0.40%  +0.00%    0.00%  0.00%  0.00%  0.00% 
Bank Bills/Govt Bonds Close +/- % % % % %
90 Day Bank Bill  1.63%  -0.01%    -0.02%  -0.06%  -0.34%  -0.29% 
180 Day Bank Bill  1.65%  -0.02%    -0.02%  -0.12%  -0.45%  -0.37% 
Australian 2 Year Bond  1.28%  -0.02%    -0.08%  -0.21%  -0.47%  -0.71% 
Australian 5 Year Bond  1.31%  -0.03%    -0.09%  -0.21%  -0.47%  -1.07% 
Australian 10 Year Bond  1.70%  -0.02%    -0.08%  -0.18%  -0.45%  -1.07% 
US 2 Year Bond  2.20%  +0.01%    -0.09%  -0.19%  -0.30%  -0.35% 
US 5 Year Bond  2.19%  +0.00%    -0.07%  -0.19%  -0.28%  -0.67% 
US 10 Year Bond  2.41%  +0.01%    -0.05%  -0.15%  -0.24%  -0.59% 
UK 2 Year Bond  0.72%  +0.01%    -0.03%  -0.07%  -0.02%  -0.09% 
UK 5 Year Bond  0.84%  +0.00%    -0.06%  -0.09%  +0.03%  -0.32% 
UK 10 Year Bond  1.11%  +0.00%    -0.05%  -0.11%  -0.04%  -0.37% 
German 2 Year Bund  -0.63%  -0.01%    -0.03%  -0.07%  -0.08%  -0.07% 
German 5 Year Bund  -0.49%  -0.01%    -0.03%  -0.11%  -0.14%  -0.48% 
German 10 Year Bund  -0.07%  +0.00%    -0.03%  -0.13%  -0.17%  -0.68% 
Japanese 2 Year Bond  -0.16%  +0.00%    -0.00%  +0.01%  +0.01%  -0.02% 
Japanese 5 Year Bond  -0.16%  +0.00%    +0.01%  +0.01%  +0.00%  -0.06% 
Japanese 10 Year Bond  -0.04%  +0.00%    +0.01%  +0.01%  -0.04%  -0.10% 
Credit Close +/- % % % % %
Australian iTraxx  0.73  +0.01    0.04  0.05  0.00  0.09 
US CDX Investment Grade  0.63  -0.02    0.03  0.07  -0.02  0.04 
US CDX High Yield  1.06  +0.00    -0.01  -0.01  0.00  -0.01 
European iTraxx  0.65  -0.03    0.03  0.08  -0.06  0.11 
Japanese iTraxx  0.60  +0.02    0.04  0.04  -0.01  0.09 
Emerging Market iTraxx  0.95  +0.00    0.00  -0.01  -0.01  -0.02 

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