Originally published by Rivkin Securities
Following a positive week and start to November, investors seem to be on the defensive after the trading week on Saturday with US stocks ending lower on the back of conflicting signals about the US and China trade war and if progress is truly being made to come to an agreement. Despite strong economic data such as US job numbers still being in an expansionary phase and positive earnings for the majority of businesses in the index, US indices remain ever so slightly in bear territory sitting below their 200 day moving averages respectively.
Apple (NASDAQ:AAPL)'s total market cap fell below the $US1 trillion mark as investors are undecided on the latest news that Apple will no longer publish stats on sales of its products and the disappointing future sales forecast, questioning if Apple's worth is really that of a $1 trillion USD company.
Locally, the focus will be on the RBA's policy meeting tomorrow.
CSL (AX:CSL) led market gains last week, after a strong sell off over 2 months found a well needed bounce with the health care giant falling 17% respectively over September and October but rallied this week closing 8.6 per cent higher.
Highlights:
Australian dollar -0.1 to 71.97 US cents
US oil to -1.3% to $SY73.97 a tonne