US Market "Fights Back"... | TLS Result: In Focus... | PBOC Intervenes To Support The Yuan |
Good Morning, What a night we had last night… Leaving the office, Dow Jones Futures were down 180 points… The Americans didn’t give up, to close largely “flat”… SP500 actually finished in the positive. A 250 point turn-round from the bottom… Here in Oz, we certainly need some “fight”, following one of the worst week’s we’ve seen on markets since 2011… The XJO is now >10% below its 6,000 “Peak”, only back in April… Sure, the devaluation of the Chinese yuan is negative for Australian exporters (BHP, FMG, RIO are all feeling the pain)… However, in a bold move, The People Bank of China (PBOC) intervened in the market and supported the currency … Let’s hope TLS result today can surprise to the upside and give the market a “much-needed” boost to confidence… So What's on today? Results from Telstra, News Corp, Fairfax Media, Mirvac, Crown, Tabcorp Australia average weekly earnings The SPI is pointing to a 12 point rise this morning
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