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Market Update: After Dark October, November Seems To Cheer Up Investors

  • November 02, 2018 10:00 AM AEDT
  • Team Kalkine
Market Update: After Dark October, November Seems To Cheer Up Investors

The investors have witnessed the strong negative momentum in the month of October 2018, but it seems like November has been a bit friendly comparatively. The US markets have witnessed positive momentum on November 1, 2018 as Dow Jones Industrial Average ended at 25,380.74 implying the rise of 264.98 points or 1.06%. The markets are being primarily helped by the strong corporate earnings and as a result, the investors are analyzing the indices as to whether or not the these could witness more uptrend. However, in November, the markets might help in offsetting the losses which were encountered in October, but the concerns related to the technology stocks are still there. Needless to say, the markets tend to follow the technology giants. These concerns might weigh on the investors’ sentiments which trigger outflows. The technology sector concerns were raised after the top management of Apple Inc. (NASDAQ: AAPL) gave disappointing forecasts for the revenues for December 2018 quarter. Amazon (NASDAQ: AMZN) is also expecting a weaker performance for the December quarter 2018. Moreover, the performance of the markets for the month of November would also be sensitive to geopolitical tensions which might negatively impact the broader markets.

Gold MTF non-AMP

Oil prices Witnessed A Decline in Increased Supply

The oil prices have been witnessing a decline as the market participants have been witnessed signal which indicated that the US supply is increasing. They are also expecting that the Iran sanctions imposed by the United States would not serve the purpose of the US for which it had decided to impose the tariffs. A rise in the OPEC crude production was witnessed and the level was not seen since 2016. The oil prices witnessed the strong negative momentum in the previous month on the back of the increased tensions of the trade between the US and China as well as global market sell-off. However, OPEC and the allies have been advancing mixed signals on whether they would be raising the output so that the supply gaps can be filled in. As per the market trackers, the elevated oil inventories as well as increased petro-nations output have helped in easing the concerns related to the sanctions. They are expecting that in the near term, the prices might fluctuate because of the supply issues but, moving into 2019, the oil prices would be trending lower.

Australian Markets Ended More or Less Flat

The Australian economy has been recently benefited by the news of the trade surplus of more than $3 billion for the month of September and crushing the expectations of $1.8 billion. The metric was mainly aided by the falling Australian dollar as well as increased prices of the commodities. On November 2, 2018, S&P/ASX200 ended the session at 5849.2 which implies the marginal rise of 8.4 points or 0.1%. Galaxy Resources Limited (ASX: GXY) and Orocobre Limited (ASX: ORE) ended the day on the positive note as they have advanced 13.158% and 12.634%, respectively. The Australian dollar witnessed the robust momentum on the back of the trade surplus figure.

On the other hand, Corporate Travel Management Limited (ASX: CTD) and CSR Limited (ASX: CSR) ended the session by declining 8.961% and 6.964%, respectively. CSR also reported half-year financial report today and stated that NPAT from the ordinary activities and after significant items witnessed the fall of 77% compared to PCP (prior corresponding period). For more information, click here. MYOB Group Limited (ASX: MYO) came forward to announce that the company would be granting the information access to KKR & Company, a private equity giant. For more information, click here.

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