2014-01-24 18: 48: 42
Editor in charge: Catherine
China PMIBelow 50 Investors scared face green
(From this report) Australian stocks have been weakening due to unexpected increases in Australian inflation data and weaker-than-expected Chinese manufacturing data. The market closed negative for the third consecutive week this week.
As of Friday's close, 200 Australian stocks fell 22.1 points to close at 5240.9 points, a 0.4% drop. The composite index fell 21.2 points to close at 5254.3 points, a decrease of 0.4%. This week, 200 Australian stocks plunged 65 points, or 1.2%.
Data released on Wednesday showed that the Australian Consumer Price Index jumped 2013% in the fourth quarter of 0.8, reducing the possibility of a rate cut this year. George Boubouras, Chief Investment Officer of Equity Trustees, said: “China’s data seems to have some volatility, and its impact on the local stock market may continue for about a week, that is, until the Chinese New Year. This is obviously a problem for the local stock market. Unfavorable global factors."
However, one month’s data does not indicate that China’s economy will decline. Boubouras continues to point out: “The IMF still expects China’s economy to grow by about 7.5%, and next year’s growth rate will be 7.3%. We believe this is quite a positive expectation. ."
Looking at the broader market, IT stocks performed the worst this week, plummeting 3.5%, the raw materials sector also plummeted by 2%, and the consumer discretionary sector lost 1.9%. Boubouras said: "As the financial reporting season in February of this year is about to kick off, there are early signs that the consumer discretionary sector has benefited from the improvement of the global economy. Therefore, the domestic economy will not be able to maintain high cash interest rates in the coming year. "The industrial sector was the only one that rose this week, with an increase of 2%.
The mixed financial reports of American companies have also put pressure on Australian stocks. Henry Jennings, BBY’s private client consultant, said: “The US earnings season has attracted the attention of many analysts. Although the results of some companies are better than expected, there are still some companies. Performance is not good.” Jennings expects Australian companies to announce weak earnings results.
The most volatile stock this week was The Reject Shop, whose share price plunged 31.6%. The discount retailer recently pointed out that sales in its comparable stores were flat in the last quarter of last year, although it opened 33 new stores in the first half of the fiscal year.
Super Group also released disappointing data last week, and its stock price plunged 14% this week.
Despite the announcement of gratifying production data, BHP Billiton's stock price fell 2.2% this week to close at 37.04 yuan. Gold miner Newcrest Mining's share price jumped 3.2% this week to close at 9.48 yuan.
<img alt="" src="/site1/news/finance/images/2014/01/24/13BDF9DBC91C858A38CF2E790014959F.gif?0.01760973936899863" height=50 qvod="0"
Total 1 pages 1