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In the going era, the global economies are closely knit with developments in one part of the world having ramifications for the rest. In this context, be it the much-escalated US-China trade war or the recent Iran tanker attack, impact has been seen on the global indices. The US china scenario has witnessed a slight positive development whereby the US Trade Representative Robert Lighthizer and US Treasury Secretary Steven Mnuchin are expected to visit Beijing in the next week to renew negotiations with China.
On 22 July 2019, Dow Jones Industrial Average closed at a record all-time high of 27,171.90, reflecting an uptick of 0.07% (+17.7 points). The financial sector (+0.58%) led the index, followed by energy (+0.15%) and technology stocks (+0.10%). On the downside, telecommunications Services sector was the biggest drag (-1.93 %), followed by Basic Materials (-1.24%) and Healthcare (-0.56%)
Meanwhile, S&P 500 Index did a tad better than Dow Jones, closing at 2985.30, up 0.28% by 8.42 points.
The coming week is going to be earnings announcement heavy with more than a third of Dow Jones companies releasing their earnings report. Also, the investors are closely following the Federal Reserve declaration of the much-anticipated rate cut, which is due end of this month.
Gold Price rally witness a minor pause
Gold prices corrected slightly in the international market on 23 July 2019, with Gold Spot slipping from previous closing of US$1423.80 to the present level (6:00 PM AEST) of US$1419.79, down by over 0.28% amid recovery in dollar prices. The Dollar Index surged from its previous closing of 97.32 to the present level of 97.44. Apart from that, the bond-yields firmed up slightly, which further added to the gold decline in the global market.
Australian Markets close in Green: S&P/ASX200 climbs up by 0.5%
The investorsâ sentiment built positively on the performance of the Australian stock market on 23 July, that settled the trading session on a higher note. Due to the interlinkages across the world, it is true that any development in the global markets tend to have a spill over effect on the individual domestic economies. However, the impact is less if the economy is strong on the back of its constituent sectors; say, Energy, Technology, Industrials and the Consumer Discretionary sectors, that are thriving in the case of Australia.
On 23 July 2019, the S&P/ASX200 was up 0.5% to 6,724.6. Meanwhile, S&P/ASX 200 VIX Index fell by 1.22% to the current value of 10.8, reflecting a less volatile day for the entire stock market.
The S&P/ASX 200 Energy Index edged up 1.34% (144.8 points) to 10,834.9 while the S&P/ASX 200 Consumer Discretionary Index rose 0.88% (22.4 points) to 2,552.0 .
That said, the gainers for the day, who may have primarily propelled this upswing in the stock market performance and led to a good day for the investors, include consumer staples giant Bellamy's Australia Limited (ASX:BAL) that ended the trading session at AUD 9.860, up 4.89%, followed by the IT stock Afterpay Touch Group Limited (ASX:APT) moving up 4.27% to AUD 24.680.
In addition, the industrials sector player Nearmap Ltd (ASX: NEA) settled at AUD 3.270, up 4.14% and recently announced that the results for FY19 (to be released on 21 August 2019) are expected to show record growth.
On the other hand, lead declines for the day included communication services provider, Domain Holdings Australia Limited (ASX: DHG) which encountered a fall of 6.21% to close at AUD 2.870 while materials sector stock, Adelaide Brighton Limited (ASX: ABC) recorded a 3.81% decline to AUD 4.290. Meanwhile, IT stock Computershare Limited (ASX: CPU) also fell 3.57% to AUD 15.950 per share.
We have provided crucial information about the stocks listed on the Australian Securities Exchange (or ASX) and believe that the market players should get themselves updated regarding the same. The recent updates have been provided on the metals and mining sector, technology stocks, Australiaâs liquor industry and many more.
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