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ASX Reaches New 10-Year High

By William OLoughlinMarket OverviewAug 10, 2018 09:32
au.investing.com/analysis/asx-reaches-new-10year-high-200198536
ASX Reaches New 10-Year High
By William OLoughlin   |  Aug 10, 2018 09:32
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Originally published by Rivkin Securities

The Dow Jones traded close to unchanged for most of the session overnight although a decline at the end of the day saw the index close down 0.3%. The wild ride for Tesla (NASDAQ:TSLA) continues following CEO Elon Musk’s tweet that he has financing in place to take the company private. Musk has yet to provide any substantial details of this funding package and has therefore opened himself up to market manipulation claims. The TSLA share price overnight gave back much of the gains made following the tweet with the stock closing down 4.8% at $352.

US producer price index (PPI) data was released last night with core PPI rising just 0.1% compared to expectations of an 0.2% rise. This was a disappointing result as it may indicate inflation isn’t picking up as much as hoped. The PPI is seen as a leading indicator of the CPI as rising producer prices eventually feed through to consumer prices.

Oil prices have failed to bounce from the $2 per barrel rout the prior day, with WTI currently sitting at US$66.75. Despite several catalysts for reduced supply, the market seems to be focussed on fears of reduced demand from China, partially due to the effects of the trade wars between China and the United States. Natural gas, on the other hand, has rallied every day for the past seven with stockpiles approximately 20% below their five-year average.

ASX 200 futures are up 10 points this morning. Further gains today would cement a solid week for the ASX 200 which is currently at a new 10-year high.

Data Releases:

- Australia RBA Monetary Policy Statement 11:30am AEST

- UK GDP 6:30pm AEST

- US CPI 10:30pm AEST

ASX Reaches New 10-Year High
 

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ASX Reaches New 10-Year High

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