Daily Report

Another busy week in the markets wrapped up on a positive note despite the US this afternoon imposing an increased 25% tariff on about $200 billion of Chinese goods, up from 10% before as trade negotiations continue in the US.

News reports say that day one of talks between top Chinese and U.S. economic officials in Washington ended with little progress. However, the markets have applied a more optimistic spin with US Futures now ticking up into the green while Asian markets moved higher – Chinese Futures now up ~4% at time of writing.

Optimism of a deal maybe building again. No doubt a lot to keep an eye on over the weekend, along with the usual election diatribe.

All up, a reasonable session today. BHP caught my eye given a decent turnaround in price from the daily lows while the banks were bid into the afternoon session. Golds were also strong – Saracen (SAR) had a stormer, adding 3.41%. However, the sector was generally strong.

Overall today, the ASX 200 added +15pts or +0.25% to 6310. Dow Futures are trading flat.

ASX 200 Chart

ASX 200 Chart

Sectors this week;

Stocks this week;

Broker Moves;

· Adelaide Brighton Downgraded to Sell at Citi; PT A$3.50

· Adelaide Brighton Cut to Neutral at Credit Suisse; PT A$3.90

· Orica Upgraded to Neutral at Citi; PT A$20

· Orica Downgraded to Sell at Morningstar

· Orica Downgraded to Neutral at Credit Suisse; PT A$19.24

· Qantas Downgraded to Neutral at Macquarie; PT A$5.75

· Temple & Webster Rated New Outperform at RBC; PT A$1.75

· GrainCorp Upgraded to Hold at Morgans Financial; PT A$7.57

· TPG Telecom Upgraded to Overweight at JPMorgan; PT A$6.90

· Evolution Raised to Overweight at JPMorgan; Price Target A$3.50

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