MARKET COMMENT: S&P/ASX 200 Flat Amid Mixed Offshore Data
March 10 2013 - 8:27PM
Dow Jones News
2356 GMT [Dow Jones] Australia's S&P/ASX 200 is flat in
mixed trading Monday as disappointing Chinese economic data
released over the weekend is offsetting Friday's
stronger-than-expected U.S. jobs data. BHP (BHP.AU), Rio Tinto
(RIO.AU) and Fortescue (FMG.AU) are down 1.0%-1.8%, while ANZ
(ANZ.AU), NAB (NAB.AU), Woodside (WPL.AU), News Corp (NWS.AU),
Macquarie (MQG.AU) and Coca-Cola Amatil (CCL.AU) are up 0.7%-2.7%.
CSR (CSR.AU) falls 4.0% after slashing annual profit guidance
following a review of its Viridian glass business. "It's too early
to assume a weakening trend in China's domestic economy," says CMC
Markets chief market analyst Ric Spooner. "While retail sales
growth was weaker than expected, the impact of the New Year means
it's prudent not to assume it's a definite indication of a trend
towards lower growth. However, investors will not be inclined to
ignore these figures altogether. Lower figures in months to come
would frank an outlook for softening domestic spending growth in
response to higher food prices in China." He says the S&P/ASX
200 would need a clear move above last week's high at 5135.7 to
indicate that the uptrend is resuming, and a break of technical
support around 5045 would indicate that a much awaited correction
is underway. Holidays in Victoria state are making for a quiet
start to the week. (david.rogers1@wsj.com)
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