S&P/ASX 200 Flat as Australian Dollar Stabilizes, Iron Ore Falls
January 20 2014 - 7:57PM
Dow Jones News
0027 GMT [Dow Jones] Australia's S&P/ASX 200 is flat at
5295.2. An overnight stabilization in the Australian dollar around
US$0.8800 has seen some support for banks--after recent
expectations of offshore selling. The 2% fall in spot iron ore to
fresh six-month lows is weighing down miners. CBA (CBA.AU), ANZ
(ANZ.AU) and NAB (NAB.AU) gain between 0.1% and 0.4% while BHP
(BHP.AU), Rio Tinto (RIO.AU) and Fortescue (FMG.AU) fall between
0.5% and 3.5%. "We remain positive on global cyclicals and some of
the domestic cyclicals," Macquarie Private Wealth division director
Martin Lakos says. "We are reasonably comfortable with China's
December-quarter GDP data and our forecast of 7.5% growth in
China's GDP for 2014. Commodity prices are likely to hold around
current levels." Woodside (WPL.AU) falls 1.1% after both Macquarie
and RBC cut their ratings to Underperform.
(david.rogers@wsj.com)
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