S&P/ASX 200 (INDEXASX:XJO) (ASX:XJO) remained mostly unchanged on Friday, closing -0.08% down at 5904, held back by falls in the financial, materials and energy sectors.
4.10pm: Australian dollar strengthens
The Australian dollar hovered near two-week highs on Friday, helped by a positive outlook for global growth. The greenback continued its downward spiral.
Citi upped its average gold price forecasts for 2018 by around 7% to US$1355 an ounce.
Whitehaven Coal (ASX:WHC) shares dropped 4.5% to $4.45 after the miner downgraded its full year production guidance.
[VIDEO] Market Close 16 Feb 18: The Aussie market failed to make its three gains this week, with the ASX 200 easing by 0.08% https://t.co/Rs6eOxTcg7 #ausbiz
— CommSec (@CommSec) February 16, 2018
2.20pm: ASX200 up 0.1%
The ASX200 is up 5.5 points or 0.1% to 5,914.5 after retreating from its morning high of 5,938.1
After showing strength over the last week, it is the resources sector weighing down the market, down 0.61%.
Healthcare stocks managed to offset some of the losses, with Medibank's (ASX:MPL) half-year profit increasing 5.9% to $245.6 million.
[VIDEO] Mid-Session 16 Feb 18: The Australian sharemarket is improving by 0.3% after having its biggest daily gain of the year on Thursday. https://t.co/Zqgnis5W2G #ausbiz
— CommSec (@CommSec) February 16, 2018
11.05am: ASX200 up 0.3%
Investors have cheered results from Medibank (+3%), Primary Health (+3%) and Village Roadshow (+2%).
However, investors were underwhelmed with IOOF (-3%) and Star (-5%).
Super Retail Group has been flat this morning suggesting its result was as expected.
Pre-market wrap: ASX 200 set to open higher after another strong day in the US
The Dow Jones Industrial Average (INDEXDJX:DJI) finished 1.23% higher to 25,200.
Interestingly, the Dow sold off in the first 90 minutes, hitting a low around 11.05am but then rallied for the rest of the day of trade.
Dow, S&P 500 on pace for best week since 2016. Here's a recap of today's market action with @BillGriffeth pic.twitter.com/h358GxfKzT
— CNBC's Closing Bell (@CNBCClosingBell) February 15, 2018
Consequently, the SPI 200 Futures, which are based on the ASX200 are up 0.67%.
Crude oil was 1.52% higher to US$61.52, gold was flat and the AUDUSD is trading at 0.7940.
Nickel also had a solid 24 hours, putting on 1.07%.
MPL, IFL, SGR, PRY, SUL, VRL report today
Companies of note reporting results today include:
• Medibank Private Ltd (ASX:MPL);
• IOOF HOLDINGS LIMITED (ASX:IFL);
• Star Entertainment Group Ltd (ASX:SGR);
• Primary Health Care Limited (ASX:PRY);
• Super Retail Group Ltd (ASX:SUL); and
• Village Roadshow Ltd (ASX:VRL).
Cryptocurrency resurgence
Bitcoin and other cryptocurrencies alike have continued to rally from the early February lows, where Bitcoin traded under US$6,000.
Around 5.00am AEST, Bitcoin traded above US$10,200 setting a new high in the recent rally from the early February lows.
Chartists believe fibonachi resistant points exist around the US$10-11,000 mark for Bitcoin.
Litecoin has been one of the leaders of the recent crypto recovery.
Litecoin has plans to now launch LitePay, a payments processor, on February 26.
Upcoming economic data: Lowe to speak, US building permits tonight
At 9.30am AEST, RBA Governor Philip Lowe is due to speak in Sydney.
As head of Australia’s central bank, which controls short-term interest rates, he has a large influence over our economy and consequently, our stock market.
In the US, monthly building permits will be released, which is a good gauge of future construction activity.
US 10 year bond yielding more than Australian 10 year bond
For the first time in 18 years, the US 10 year treasury bond is yielding more than the Australian 10 year treasury bond.
Currently the pair are both yielding about 2.90%.
With the consensus amongst economists that US rates will rise much faster than Australian rates, the US 10 year bond yield is expected to maintain its new dominance.