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need2know: Results rolling in

Among the companies reporting results today: Arrium, Coca-Cola Amatil, IAG, Lend Lease, Mount Gibson Iron, Primary Health, Woodside Petroleum. Photo: Jim RiceLocal shares are poised to open flat ahead of another big day of local profit reports from Woodside Petroleum, Lend Lease and Coca-Cola Amatil, while ANZ will provide a trading update.

What you need2know

SPI futures up 1 pt to 4876 at 7am Sydney time

AUD -0.5% to 70.98 US cents, 80.91 Japanese yen, 63.80 Euro cents and 49.69 British pence

On Wall St, about 3pm in New York, Dow +1.2%, S&P +1.5%, Nasdaq +2.1%

In Europe, Stoxx 50 -0.4%, FTSE +0.7%, CAC -0.1%, DAX -0.8%

In London, Rio +0.05%, BHP -0.09%, Rio

Spot gold -0.4% to $US1204.25 at 2.17pm New York time

Brent crude -4.3% to $US31.94 at 1.52pm New York time

US oil -2.2% to $US28.77 a barrel

Iron ore +1.1% to $US46.72

What’s on today

WBC leading index.

Local earnings: Arrium, Coca-Cola Amatil, IAG, Lend Lease, Mount Gibson Iron, Primary Health, Woodside Petroleum.

US Federal Reserve latest meeting minutes. St Louis Fed boss James Bullard speaks. Indonesia central bank rate decision. Economy: NZ dairy auction results, Japan machine orders, UK unemployment, US housing states and building permits data, US January producer price index. Earnings: Noble Energy, Marathon Oil, Barrick Gold, Newmont Mining, Williams Cos, Independence Group, Northern Star Resources, CGN Power, Dr Pepper Snapple Group, Priceline Group, Marriott International , T-Mobile US, Analog Devices, Nvidia, Deutsche Boerse, Enel, Credit Agricole.


The yen advanced against all 16 of its major peers, climbing most versus the Brazilian real and New Zealand dollar. It gained 0.6 per cent to 113.92 per US dollar. The euro was little changed at $US1.1140.

Russia’s rouble slipped 1.1 per cent, while a gauge of emerging-market currencies lost 0.6 per cent, halting two days of gains.

China’s yuan traded onshore and offshore slipped at least 0.2 per cent after the central bank set the daily fixing against the dollar at 6.5130, compared with 6.5118 on Monday.


Ore with 62 per cent content delivered to Qingdao advanced 1.1 per cent to $US46.78 a dry ton on Tuesday, the highest since November 16, according to Metal Bulletin. The commodity bottomed at $38.30 in December, the lowest for daily prices dating back to May 2009.

The oil-output freeze “does nothing to address oversupply conditions,” said John Kilduff, a partner at Again Capital LLC, a New York-based hedge fund that focuses on energy. “The market isn’t going to respond because January represents near record OPEC production and Russia was pumping at post-Soviet highs. This is probably the least painful production constraint ever.”

Gold in the spot market rose 0.5 per cent after falling two days. The precious metal is up 15 per cent in 2016 after demand for haven assets fuelled gains.

Goldman Sachs says it’s time to bet against gold as bullion’s rally to the highest in a year isn’t justified. The metal will slump to $US1100 an ounce in three months and $US1000 an ounce in 12 months, analysts including Jeffrey Currie and Max Layton wrote in the report that was dated February 15 and received on Tuesday.

United States

Wall Street was higher on Tuesday afternoon, extending a rally from Friday, as investors went bargain hunting among beaten-down consumer discretionary, industrial and financial stocks.

“The consumer in the US remains strong,” said Peter Jankovskis, who helps oversee $US1.9 billion as co-chief investment officer of Lisle, Illinois-based OakBrook Investments. “The bottom line is that the economy itself is reasonably healthy, but there are a lot of lingering concerns relative to the longer term impact of some of these central bank efforts to encourage growth elsewhere.”

In his first speech as head of the Minneapolis Fed, Neel Kashkari, a Goldman Sachs executive before he worked at the US Treasury, urged Congress to consider “bold, transformational” rules including the breaking up of the nation’s largest banks to avoid bailouts.


A rebound for European stocks once again proved short-lived on renewed concerns about global-growth prospects, dragging banks and miners lower.

Lenders fell after their biggest two-day surge since 2011. Mining-related companies also halted a rally that pushed them up 11 per cent, with steel-pipe maker Tenaris and Norsk Hydro leading declines. Energy stocks reversed an advance, as oil retreated after Saudi Arabia and Russia agreed to freeze output.

Germany’s ZEW Centre for European Economic Research said investor confidence fell to its lowest level since October 2014 in February.

What happened yesterday

At the close of trade on Tueday the S&P/ASX 200 index ended at the day’s high of 4910 points, a gain of 1.4 per cent or 66.5 points. The All Ordinaries climbed 68 points or 1.4 per cent to 4961.6.

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