MARKET COMMENT: S&P/ASX 200 May Rise Before RBA Decision
June 03 2013 - 8:27PM
Dow Jones News
2356 GMT [Dow Jones] Australia's S&P/ASX 200 may rise before
the RBA's interest-rate decision at 0430 GMT, with short-covering
in high-yield stocks likely amid some speculation of a surprise
cut. Upgrades should also help the market recover from Monday's
close at a 2-month low. Bell Potter has upgraded NAB (NAB.AU) and
ANZ (ANZ.AU). JPM, GS, CS and Bell Potter have upgraded Cochlear
(COH.AU), while JPM has upgraded Transpacific (TPI.AU). Resources
should find some relief from a bounce in commodity prices. Gold,
oil, iron ore and copper rose 0.4%-1.8% as the WSJ U.S. dollar
index fell 0.9% after the U.S. ISM manufacturing index declined to
its lowest level since 2007, reducing fears of lesser Federal
Reserve monetary stimulus. BHP (BHP.AU) ADRs closed at A$34.19, up
0.3% on its local equivalent price. On the charts, the S&P/ASX
200 is very close to key support from the April 5 low at 4883.7.
Index last 4888.3. (david.rogers1@wsj.com)
Write to Shani Raja at shani.raja@wsj.com
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