MARKET COMMENT: S&P/ASX 200 May Rise Before Australia Jobs Data
March 13 2013 - 7:29PM
Dow Jones News
2258 GMT [Dow Jones] Australia's S&P/ASX 200 may rise early
Thursday after stronger-than-expected U.S. retail sales data added
to signs the world's biggest economy is recovering. U.S. February
retail sales rose 1.1% vs 0.6% expected, helping the S&P 500
close up 0.1% after an early fall. While the DJIA Transports index
lost ground, the DJIA and Nasdaq rose, and the CBOE VIX volatility
index fell 3.6%. Further bolstering U.S. market sentiment, JPMorgan
upgraded its 1Q U.S. GDP forecast to 2.3% from 1.5%, and Deutsche
Bank raised its to 3% from 1.5%, while also lifting its 2013
estimate to 2.3% from 2.0%. Banks may lead an early rise after the
S&P 500 Financials sector rose 0.4%, although Citi has cut NAB
(NAB.AU) to Neutral from Buy, following its strategy update.
Resources may lag after LME copper fell 0.6% and spot iron ore lost
3.1%. London-listed BHP (BHP.AU) fell 1.3%, Rio Tinto (RIO.AU)
dropped 2% and Cliffs Natural Resources dived 4.7% in the U.S. ADRs
suggest BHP should open down about 1%. Domestic jobs data are due
at 0030 GMT, with the market expecting a 10,000 rise in the number
of people employed and a 5.5% jobless rate. Index last closed at
5092.4. (david.rogers1@wsj.com)
Write to Shani Raja at shani.raja@wsj.com
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