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US economy in growth mode; some EU data stabilises; iron ore prices rise; CBA hits new high; NZ$1 = US$0.828
Here's my quick summary of the key overnight news you need to start your day.
Firstly from the US, private sector jobs rose by 215,000 in December according to an early unofficial report. This is stronger than was expected.
US car sales were also strong. In 2012 they rose 10% in December to make 2012 the best year since 2007. And despite some early indications the holiday season would be average, retail sales look like they will actually show reasonable growth of +3.3%, although this is not evenly spread. These reports all bolster last weeks reported rise in American consumer confidence.
Also recent manufacturing reports in the US have been quite strong too. Today Boeing reported its 2012 deliveries and orders and it appears to have regained the bragging rights as the world's biggest planemaker, a title Airbus has previously held for 10 years.
In Europe there are more positive signs of a pick-up. The rise in German unemployment slowed, below expectations. And in Spain, funds appear to be flowing into that nation's banks, which is a reversal of trends in mid 2012. Perhaps these aren't really 'positive signs', just not-as-negative signs.
In Australia, it is clearly too early to call the end of the minerals boom. Australian miners are set to cash in on the resurgent iron ore price, with new statistics showing that a record volume of the commodity was exported out of Port Hedland in December.
The Commonwealth Bank's market capitalisation has risen above AU$100 billion for the first time, as the Australian share market closed to a new 19-month high on Thursday. The bank's shares rose by 52 cents to its highest-ever value of AU$63.24 as at the close of trading yesterday. The market cap for Australia's largest bank now stands at AU$101.8 billion (NZ$128.5 billion). We have previously reported that it had exceeded US$100 billion. Commonwealth Bank owns ASB and Sovereign in New Zealand. For perspective, NZ's nominal GDP in the year to September was NZ$208.3 billion.
US stocks have fallen in late trade after minutes from the Fed's FOMC showed rising concern about the risks of their policy of buying bonds to stimulate growth. This had an immediate impact on the currency.
Related Topics
The NZ$ starts the day at 83.2 USc and 79.2 AUc
The NZ$ is at 82.8 USc, 79 AUc and the TWI is at 74.6 as at 8:30am.
8 Comments
Too much positive news! Get
Too much positive news! Get Bernard back, I'd rather read about impending doom!
David certainly appears to
David certainly appears to have all pigs lined up and ready for takeoff.
"An extra $52 billion could
"An extra $52 billion could be injected into the New Zealand stock market by 2066 if 80 per cent of workers were in KiwiSaver and the contribution rate was raised to a combined 10 per cent, according to research commissioned by a financial services lobby group".
http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=10857204
The truth is, so little is invested in the NZX companies, that those clipping the tickets are having to fight each other for a piece of pie...and they see a future where they can get their fingers on your earnings...and all it involves is a wee matter of filling the void between Tweak's ears with thoughts of voter support for policies that promise future wealth if Kiwisaver were made compulsory...call it predetermined theft by govt order of the day.
We peasants can smell the stench coming from this lobby group and we know the only place to 'save' our spare income is in property, safe from company mismanagement and safe thanks to the credit creation game in play.
Wolly - Let's differentiate
Wolly - Let's differentiate new investment from existing in the stock market.
"Investing " in the NZ stock market by buying shares from investor A to be owned by investor B has no impact on the companies whatsoever. They don't get the cash.
Pouring $ 39 billion into local stocks as reported on the back page of the Herald this am will sure increase the prices and create an asset bubble ( another ) but do nothing for NZ's international competitivenes or the companies.
Need to get the funds into new shares in existing companies to achieve any net benefit to NZ as distinct from benefiting the so called " brokers " who would love more shares to trade amongst themselves clipping the ticket every time.
What's good for the croupier may not be good for the gambler.
Still - there's plenty of existing crap on the NZ market for suckers to " invest" in.
Next money making scheme for
Next money making scheme for the Govt. Tyres are to change colour to orange as they wear out. Boy, I'll just bet the nazi cops that we have on the roads these day are sure to jump on that band wagon, and pull up anybody with the hint of orange on a tyre. Just another thing to take the fun out of motoring for the long suffering motorist.
Which tree did you pick that
Which tree did you pick that off Ivan...?
It's a story on Stuff.co.nz,
It's a story on Stuff.co.nz, motoring section, for all to read. If that's what your asking ?
Truth is, those folks are so
Truth is, those folks are so busy clipping the tickets for their own purses that they return very little meta-value to the market they oversee. The trading environment that their customers operate in is so environmental hostile that it is little wonder that there's little small and medium wildlife left. Only startups, weeds and big carnivores.
@JB. again you miss the point. buying existing stocks, like buying existing houses; allows the existing asset holder to short their long holdings. This frees up liquity, and makes for a market. Without the liquity release then "shares" would be dead and no sane person would invest in a company (as "investing" requires getting a return) as they'd never be able to liquidate a holding. ie if their was no "after market" the immediate value of any "share" would instantly be _zero_. The -might- get a dividend return, but they'd be stuck to whichever company they sunk, and I mean suck, their capital into! Of course, one could create a written financial instrument, that allowed the rights to those dividends (and possibly a portion of vote according to those rights)...but that instrument already exists....and it's called a share... and they're only valuable because they can be traded.