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Aussie shares are off to a solid start on Monday with the ASX 200 up 1.5 per cent and gains across all sectors. Much better than expected US economic news on Friday helped push American equities 3.3 per cent higher and has provided investors with a positive lead.
312,000 jobs were added in the US last month while wages also grew at a faster than anticipated pace easing some concerns of a slowing economy. There is no shortage of global concerns however including the US-China trade dispute, Brexit and worries of slowing China growth.
Closer to home the People’s Bank of China said it would cut the reserve requirements for the banks in a bid to boost its economy. This essentially lowers the amount of cash lenders need to hold in reserve and pushes more funds into the economy. While all areas of the local market are higher, gains from the miners and financials are pushing equites up most.
The gold subsector is under pressure as some optimism returns to markets for the time being. Resolute Mining (RSG) is down 1 per cent as the price of the precious metal took a hit on Friday. RSG this morning said quarterly gold production increased by 33 per cent to 73,691 ounces.
Healius (HLS) is the worst performer on the ASX 200, slipping by 3.7 per cent as the Board decided to reject Jangho’s takeover. HLS – formerly Primary Healthcare (PRY) prior to a recent name change – labelled the Chinese bid as ‘opportunistic’.
655.1m shares were traded today worth $1.4bn. 632 stocks are up, 331 are down and 290 are unchanged.
Activity ramps up this week as many return from holidays. In Australia updates on trade, retail spending and building approvals will be released. A busy week ahead as far as Chinese data is concerned. Figures on trade, quarterly GDP and inflation are expected which will receive attention considering concerns of slower growth in China.
In the US the Federal Reserve releases its minutes while a number of officials (including Chair Jerome Powell) are due to deliver speeches
Published by CommSec