13 July 2020
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Good morning, Australia

Craig James
15 June 2020

How’dy USA

In US economic data, export prices rose by 0.5% in May (survey: 0.5%). Import prices rose by 1% in May (survey: 0.6%). The preliminary University of Michigan consumer sentiment index rose from 72.3 in May to 78.9 in June (survey: 75).

US share markets rebounded on Friday after the biggest fall in 12 weeks on Thursday. In a wild trading session, the Cboe Volatility Index rose to its highest level since April and traded above 43 before moving back near 36 by the closing bell. Shares of photoshop maker Adobe lifted 4.9% after posting a better-than-expected quarterly profit. The Dow Jones index rose by 477 points or 1.9% - after rising as much as 837 points during the trading session. The S&P500 index lifted by 1.3%. The Nasdaq index was up by 96 points or 1%. For the week, the Dow Jones lost 5.5%, the S&P 500 fell by 4.7% and the Nasdaq was down 2.3% - the worst week for all indexes since March 20.

US treasury bond prices fell (yields higher) on Friday. US 2-year yields rose by 2 points to 0.19% and US 10-year yields lifted 6 points to 0.71%. Over the week US 2-year yields fell by 2 points and 10- year yields fell by 20 points.

Bonjour Europe

European share markets mostly rose on Friday. The panEuropean STOXX 600 index lifted by 0.3% after posting its worst day since March 23 on Thursday. The index lost 5.7% for the week. And on Friday the German Dax index fell by 0.2%. But the UK FTSE index was up by 0.5%, despite the UK recording its biggest monthly fall in GDP (-20.4%) in April. In London trade shares in Rio Tinto (+2.2%) and BHP (+1.1%) both lifted.

Hello World!

Major currencies were mostly weaker against the US dollar in European and US trade. The Euro fell from highs near US$1.1338 to lows near US$1.1213 and was near US$1.1255 at the US close. The Aussie dollar fell from highs near US69.10 cents to lows near US68.12 cents and was near US68.60 cents at the US close. The Japanese yen rose from JPY107.53 per US dollar to JPY107.22 and was near JPY107.35 at the US close.

Global oil prices were little changed on Friday. Over the week the US oil rig count fell by 7 to 199 - the lowest since June 2009 - according to Baker Hughes. The Brent crude price rose by US18 cents or 0.5% to US$38.73 a barrel. But the US Nymex price lost US8 cents or 0.2% to US$36.26 a barrel. Over the week Brent fell by 8.4%. And the Nymex lost 8.3% - the first loss since April.

Base metal prices were mixed on Friday. Tin (+1.5%) and lead (+1.1%) rose most, but zinc (-1.5%) and aluminium (-1%) both fell. Over the week zinc (-4%) and nickel (-2.5%) fell most, but tin (+3.2%) and copper (+1.6%) led gains.

The gold futures price fell by US$2.50 or 0.1% to US$1,737.30 an ounce. Over the week gold rose by US$54.30 an ounce or 3.2%. Spot gold was near US$1,730 an ounce in late US trade. Iron ore rose by US$1.40 or 1.3% to US$105.35 a tonne. Over the week iron ore rose by 4.4% or US$4.40 a tonne.

G’day Australia

In Australia, tourism data and the "Household Impacts of COVID-19 Survey" are released. China home prices, retail sales, industrial production and investment data are scheduled. In the US, the New York Empire State manufacturing index is issued.

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