Wednesday 21, August 2013==Sex day Nicknames -- Notes

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Subject: Wednesday 21, August 2013==Sex day Nicknames

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Australian Stock Market Report

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Date Posted: 09:55:40 08/21/13 Wed

Australian Stock Market Report

Wednesday 21, August 2013

Summary Close Movement % Change
All Ordinaries 5068.80 -33.50 -0.70
All Industrials 5078.20 -34.30 -0.70
50 Leaders 5235.90 -37.70 -0.70

Market Turnover
$A 5,062,002,813.00

Commentary

For detailed video updates:
http://www.youtube.com/user/CommSecTV

Follow us on Twitter for breaking news:
www.twitter.com

MORNING REPORT
(6.15am AEST)

In US economic data, weekly chain store sales rose by 3.4pct in the latest week compared with a year ago, down from 3.7pct in the previous week.

European shares fell again on Tuesday, hitting three-week lows as investors continued to fret that the US Federal Reserve may start winding back stimulus from next month. The FTSEurofirst 300 index fell by 0.8pct with the German Dax down by 0.8pct and the UK FTSE lost 0.2ct. Mining shares were weaker with Rio Tinto down by 0.2pct in London trade while BHP Billiton lost 1.7pct.

US sharemarkets ended mixed on Tuesday and well off the highs set earlier in the session. Retail stocks lifted after publishing earnings results. Shares in Best But rose by 13.2pct while JC Penney lifted 6pct. But shares in Home Depot lost 1.2pct. After being up 64 points at one stage, the Dow Jones fell by 7.8pts or 0.1pct - the fifth straight daily decline. But the S&P 500 lifted by 0.4pct and the Nasdaq gained 24.5pts or 0.7pct.

US long-term treasuries rose on Tuesday (yields lower) as bargain hunters moved in after three days of sharp losses. US bonds were also in demand as investors retreated from emerging markets on fears that the Federal Reserve will taper its stimulus program beginning in September. The Federal Reserve also bought $942 million in debt due from 2024 to 2031 on Tuesday as part of its ongoing purchase program. US 2yr yields fell by 2pts to 0.343pct and US 10yr yields fell by 6pts to 2.816pct.

The US dollar fell against major currencies in European and US trade on Tuesday. The Euro lifted from lows near US$1.3325 to US$1.3450 and ended US trade near US$1.3420. The Aussie dollar rose from lows near US90.25c to near US90.95c before ending US trade near US90.75c. And the Japanese yen held between 96.91 yen per US dollar and JPY97.44, before ending US trade near JPY97.20.

World oil prices were mixed on Tuesday. The Brent price rose as traders responded to civil unrest in both Egypt and Libya. But US Nymex fell as traders closed out positions ahead of contract expiry. But Reuters also cited ´´a report of a shutdown of the Seaway pipeline, which carries crude oil from Cushing, Oklahoma, the delivery point for the futures´ benchmark West Texas Intermediate crude, to refineries on the Gulf Coast. Brent crude rose by US25c or 0.2pct to US$110.15 a barrel while US Nymex crude lost US$2.14 or 2.0pct to US$104.96 a barrel.

Base metal prices were mixed on Tuesday but gains and losses didn´t exceed 0.8pct. Tin was up 0.8pct but lead and nickel lost 0.3pct. Gold rose on Tuesday as the US dollar softened with the Comex December futures price up by US$6.90 an ounce or 0.5pct to US$1,372.60 per ounce. The iron ore price fell by US20c or 0.1pct to US$139.00 a tonne.

Ahead: In Australia, no major economic data is released. In the US, existing home sales data is released and minutes are released from the last Federal Reserve meeting.

Craig James
CommSec Chief Economist

This commentary is a general account of the day's trading and is not intended to be taken as a recommendation to buy, hold or sell any particular stock.

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