{"id":80631,"date":"2019-05-28T08:49:14","date_gmt":"2019-05-27T22:49:14","guid":{"rendered":"https:\/\/www.fnarena.com\/?p=80631"},"modified":"2019-05-28T10:16:26","modified_gmt":"2019-05-28T00:16:26","slug":"the-overnight-report-in-memorium","status":"publish","type":"post","link":"https:\/\/staging.fnarena.com\/index.php\/2019\/05\/28\/the-overnight-report-in-memorium\/","title":{"rendered":"The Overnight Report: In Memoriam"},"content":{"rendered":"\n\n\n\n\n\n\n\n\n\n\n\n\n
World Overnight<\/strong><\/span><\/td>\n<\/tr>\n
SPI Overnight (Jun)<\/strong><\/span><\/td>\n6461.00<\/strong><\/span><\/td>\n– 2.00<\/strong><\/span><\/td>\n– 0.03%<\/strong><\/span><\/td>\n<\/tr>\n
S&P ASX 200<\/strong><\/span><\/td>\n6451.90<\/strong><\/span><\/td>\n– 4.10<\/strong><\/span><\/td>\n– 0.06%<\/strong><\/span><\/td>\n<\/tr>\n
S&P500<\/strong><\/span><\/td>\n2826.06<\/strong><\/span><\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Nasdaq Comp<\/strong><\/span><\/td>\n7637.01<\/strong><\/span><\/td>\n<\/td>\n<\/td>\n<\/tr>\n
DJIA<\/strong><\/span><\/td>\n25585.69<\/strong><\/span><\/td>\n<\/td>\n<\/td>\n<\/tr>\n
S&P500 VIX<\/strong><\/span><\/td>\n15.85<\/strong><\/span><\/td>\n<\/td>\n<\/td>\n<\/tr>\n
US 10-year yield<\/strong><\/span><\/td>\n2.32<\/strong><\/span><\/td>\n<\/td>\n<\/td>\n<\/tr>\n
USD Index<\/strong><\/span><\/td>\n97.74<\/strong><\/span><\/td>\n+ 0.13<\/strong><\/span><\/td>\n0.13%<\/strong><\/span><\/td>\n<\/tr>\n
FTSE100<\/strong><\/span><\/td>\n7277.73<\/strong><\/span><\/td>\n<\/td>\n<\/td>\n<\/tr>\n
DAX30<\/strong><\/span><\/td>\n12071.18<\/strong><\/span><\/td>\n+ 60.14<\/strong><\/span><\/td>\n0.50%<\/strong><\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

By Greg Peel<\/p>\n

Party’s Over<\/u><\/p>\n

It was always a good chance the ASX would see a quiet session yesterday with Wall Street closed, the UK closed and random tweets unlikely as The Donald played nice in Tokyo. And indeed it was a low volume day.<\/p>\n

A little-moved index nevertheless belied some notable sector movements beneath.<\/p>\n

Profit-taking continued in the banks (-0.5%) suggesting the election gloss continues to fade away. The exit of Suncorp’s ((SUN)) CEO was also worth -2.1%.<\/p>\n

That money appeared to flow into the rarefied air in which the iron ore miners are currently flying, with no immediate sign of a pullback in the iron ore price. Materials rose 0.8%. Watch this space today.<\/p>\n

Speaking of switching, it seems if you wanted to get in ahead the highly conditional takeover bid by the Swedes for Vocus Group ((VOC)) the best place for funding was Telstra. Vocus jumped 17% but the telcos sector fell -1.0% as Telstra dropped -2.8% after initially rallying.<\/p>\n

Consumer staples had another down-day (-0.8%) with Woolworths ((WOW)) again in the frame. That stock fell another -1.2% after announcing the completion of its buyback.<\/p>\n

Energy might have expected more after the oil price bounced back but a -1.1% fall for Oil Search ((OSH)), following the announced retirement of the PNG prime minister, squared things up for a flat close.<\/p>\n

Healthcare also closed flat despite a weak earnings report from Fisher & Paykel Healthcare ((FPH)) sent that stock down -3.2%.<\/p>\n

With the futures down -2 points again this morning it looks like we’re in for more of the same, but for the fact the iron ore price has shot up another 4% and Brent crude is up 1% to boot.<\/p>\n

Commodities<\/u><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Spot Metals,Minerals & Energy Futures<\/strong><\/span><\/td>\n<\/tr>\n
Gold (oz)<\/strong><\/span><\/td>\n1284.60<\/strong><\/span><\/td>\n0.00<\/strong><\/span><\/td>\n0.00%<\/strong><\/span><\/td>\n<\/tr>\n
Silver (oz)<\/strong><\/span><\/td>\n14.56<\/strong><\/span><\/td>\n+ 0.03<\/strong><\/span><\/td>\n0.21%<\/strong><\/span><\/td>\n<\/tr>\n
Copper (lb)<\/strong><\/span><\/td>\n2.68<\/strong><\/span><\/td>\n0.00<\/strong><\/span><\/td>\n0.00%<\/strong><\/span><\/td>\n<\/tr>\n
Aluminium (lb)<\/strong><\/span><\/td>\n0.80<\/strong><\/span><\/td>\n0.00<\/strong><\/span><\/td>\n0.00%<\/strong><\/span><\/td>\n<\/tr>\n
Lead (lb)<\/strong><\/span><\/td>\n0.82<\/strong><\/span><\/td>\n0.00<\/strong><\/span><\/td>\n0.00%<\/strong><\/span><\/td>\n<\/tr>\n
Nickel (lb)<\/strong><\/span><\/td>\n5.60<\/strong><\/span><\/td>\n0.00<\/strong><\/span><\/td>\n0.00%<\/strong><\/span><\/td>\n<\/tr>\n
Zinc (lb)<\/strong><\/span><\/td>\n1.23<\/strong><\/span><\/td>\n0.00<\/strong><\/span><\/td>\n0.00%<\/strong><\/span><\/td>\n<\/tr>\n
West Texas Crude <\/strong><\/span><\/td>\n59.21<\/strong><\/span><\/td>\n+ 0.22<\/strong><\/span><\/td>\n0.37%<\/strong><\/span><\/td>\n<\/tr>\n
Brent Crude<\/strong><\/span><\/td>\n70.16<\/strong><\/span><\/td>\n+ 0.92<\/strong><\/span><\/td>\n1.33%<\/strong><\/span><\/td>\n<\/tr>\n
Iron Ore (t) futures<\/strong><\/span><\/td>\n108.00<\/strong><\/span><\/td>\n+ 4.35<\/strong><\/span><\/td>\n4.20%<\/strong><\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Russian oil production trended lower in May due to a contamination issue at a major pipeline. The downturn in May finally brings Russia in line with the production cuts it agreed upon with OPEC.<\/p>\n

The news sent Brent oil in particular over a percent higher.<\/p>\n

The LME was closed overnight so no base metal price movements. Gold was open for trade but is unchanged despite the US dollar index rising 0.1%.<\/p>\n

Iron ore was well and truly open for trade.<\/p>\n

The Aussie fell -0.1%.<\/p>\n

Today<\/u><\/p>\n

The SPI Overnight closed down -2 points.<\/p>\n

China releases April trade numbers today while tonight the US checks out consumer confidence.<\/p>\n

Galaxy Resources ((GXY)) holds its AGM today.<\/p>\n

The Australian share market over the past thirty days…<\/strong><\/p>\n

<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
BROKER RECOMMENDATION CHANGES PAST THREE TRADING DAYS<\/span><\/td>\n<\/tr>\n
ABC<\/td>\nADELAIDE BRIGHTON<\/td>\nUpgrade to Outperform from Neutral<\/td>\nMacquarie<\/td>\n<\/tr>\n
AGL<\/td>\nAGL ENERGY<\/td>\nDowngrade to Underperform from Neutral<\/td>\nMacquarie<\/td>\n<\/tr>\n
<\/td>\n<\/td>\nDowngrade to Sell from Buy<\/td>\nUBS<\/td>\n<\/tr>\n
ANN<\/td>\nANSELL<\/td>\nUpgrade to Outperform from Neutral<\/td>\nCredit Suisse<\/td>\n<\/tr>\n
BSL<\/td>\nBLUESCOPE STEEL<\/td>\nDowngrade to Neutral from Buy<\/td>\nUBS<\/td>\n<\/tr>\n
CLW<\/td>\nCHARTER HALL LONG WALE REIT<\/td>\nUpgrade to Buy from Hold<\/td>\nOrd Minnett<\/td>\n<\/tr>\n
COL<\/td>\nCOLES GROUP<\/td>\nDowngrade to Neutral from Buy<\/td>\nCiti<\/td>\n<\/tr>\n
CSR<\/td>\nCSR<\/td>\nUpgrade to Outperform from Neutral<\/td>\nMacquarie<\/td>\n<\/tr>\n
<\/td>\n<\/td>\nDowngrade to Sell from Neutral<\/td>\nCiti<\/td>\n<\/tr>\n
EHE<\/td>\nESTIA HEALTH<\/td>\nDowngrade to Neutral from Buy<\/td>\nUBS<\/td>\n<\/tr>\n
EVN<\/td>\nEVOLUTION MINING<\/td>\nDowngrade to Hold from Accumulate<\/td>\nOrd Minnett<\/td>\n<\/tr>\n
ILU<\/td>\nILUKA RESOURCES<\/td>\nUpgrade to Buy from Neutral<\/td>\nCiti<\/td>\n<\/tr>\n
KDR<\/td>\nKIDMAN RESOURCES<\/td>\nDowngrade to Hold from Buy<\/td>\nOrd Minnett<\/td>\n<\/tr>\n
NST<\/td>\nNORTHERN STAR<\/td>\nDowngrade to Hold from Accumulate<\/td>\nOrd Minnett<\/td>\n<\/tr>\n
OSH<\/td>\nOIL SEARCH<\/td>\nDowngrade to Underperform from Neutral<\/td>\nCredit Suisse<\/td>\n<\/tr>\n
OZL<\/td>\nOZ MINERALS<\/td>\nUpgrade to Add from Hold<\/td>\nMorgans<\/td>\n<\/tr>\n
PLS<\/td>\nPILBARA MINERALS<\/td>\nDowngrade to Lighten from Hold<\/td>\nOrd Minnett<\/td>\n<\/tr>\n
QBE<\/td>\nQBE INSURANCE<\/td>\nDowngrade to Neutral from Outperform<\/td>\nCredit Suisse<\/td>\n<\/tr>\n
SHL<\/td>\nSONIC HEALTHCARE<\/td>\nDowngrade to Sell from Neutral<\/td>\nUBS<\/td>\n<\/tr>\n
SUL<\/td>\nSUPER RETAIL<\/td>\nUpgrade to Overweight from Equal-weight<\/td>\nMorgan Stanley<\/td>\n<\/tr>\n
TNE<\/td>\nTECHNOLOGYONE<\/td>\nDowngrade to Sell from Neutral<\/td>\nUBS<\/td>\n<\/tr>\n
WOW<\/td>\nWOOLWORTHS<\/td>\nDowngrade to Sell from Neutral<\/td>\nCiti<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

For more detail go to FNArena's Australian Broker Call Report<\/a>, which is updated each morning, Mon-Fri.<\/p>\n

All overnight and intraday prices, average prices, currency conversions and charts for stock indices, currencies, commodities, bonds, VIX and more available on the FNArena website.  Click here<\/a>. (Subscribers can access prices on the website.)<\/em><\/p>\n

(Readers should note that all commentary, observations, names and calculations are provided for informative and educational purposes only. Investors should always consult with their licensed investment advisor first, before making any decisions. All views expressed are the author's and not by association FNArena's – see disclaimer on the website)<\/strong><\/em><\/p>\n

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FNArena is proud about its track record and past achievements: Ten Years On<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

With Wall Street closed for Memorial Day and with the UK also shut, it’s been a quiet 24 hours.<\/p>\n","protected":false},"author":8,"featured_media":80637,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[84],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts\/80631"}],"collection":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/comments?post=80631"}],"version-history":[{"count":0,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts\/80631\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/media\/80637"}],"wp:attachment":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/media?parent=80631"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/categories?post=80631"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/tags?post=80631"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}