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Daily Market Outlook By PYX Markets
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[QUOTE="PYX Markets London, post: 109157, member: 38730"] [b]Daily Market Outlook 6th September [/b] [img]https://scontent-amt2-1.xx.fbcdn.net/v/t1.0-9/13938553_118457278597764_4706199327588223406_n.jpg?oh=4cb4000aa052d5b9cf8c6e211c4ac665&oe=581DD5BC[/img] Asian shares advanced on Tuesday, while Australian equities remained in negative territory after the Reserve Bank of Australia left rates unchanged as expected. Bank of Japan Governor Haruhiko Kuroda conveyed readiness to ease monetary policy further in a speech on Monday, he acknowledged that the central bank's negative rates may hurt confidence in Japan's banking system, a sign that it is becoming more mindful of the rising cost of its stimulus. The British pound inched up 0.2 percent to $1.3322. Sterling touched a seven-week high against the dollar on Monday after a survey showed Britain's dominant services sector had the biggest one-month gain in at least 20 years, beating all forecasts in a Reuters poll. The Australian dollar rose 0.6 percent to $0.7626. The decision came a day before government data is expected to show Australia notched up 25 years of economic expansion as of the June quarter. Forecasts are now clustered around 0.5 percent to 0.6 percent for gross domestic product growth in the second quarter, with annual expansion seen accelerating to around 3.5 percent, the fastest pace in four years and well ahead of most of Australia's peers in the rich world. Australia's central bank held interest rates steady on Tuesday, a month after cutting to a record low of 1.5 percent, and left open the question of further easing as the country gets ready to toast 25 years without a recession. The decision by the Reserve Bank of Australia (RBA) came as no surprise given easings in August and May are yet to percolate through the economy. The recent cuts were driven largely by a surprisingly sharp slowdown in inflation and the need to prevent the local dollar from climbing too far in reaction to hyper-aggressive policy easing elsewhere in the world. Indeed, analysts were nudging up their growth forecasts after data showed the conservative government of Malcolm Turnbull went on a mini spending-spree last quarter, in the run-up to a federal election in July. Forecasts were now clustered around 0.5 percent to 0.6 percent for gross domestic product (GDP) growth in the second quarter. That would be a step down from the first quarter's unusually strong 1.1 percent increase, largely due to a pullback in net export earnings. Yet annual growth was still seen accelerating to around 3.5 percent, the fastest pace in four years and well ahead of most of Australia's peers in the rich world. The yen kept some distance from a one-month low against the dollar on Tuesday after Bank of Japan Governor Haruhiko Kuroda held back from signaling further easing, acknowledging instead the costs of the BOJ's aggressive stimulus. Though Kuroda signaled his readiness to expand an already massive stimulus program in his speech on Monday, he did not provide any explicit hints on the chances of the BOJ aggressively easing policy at its next review on Sept. 20-21. In addition, many analysts noted that Kuroda admitted for the first time that his stimulus drive has its costs, even though he disputed the view that the BOJ's stimulus is reaching its practical limit. Oil prices extended gains on Tuesday, buoyed after top producers Russia and Saudi Arabia agreed to cooperate on stabilizing the oil market, but a lack of immediate action to rein in output capped gains. The global benchmark on Monday hit a near one-week high of $49.40 after the Russia-Saudi news, but has since pared gains after Saudi Energy Minister Khalid al-Falih said there was no need now to freeze production. He added, however, that freezing output was one of the preferred possibilities. Russian Energy Minister Alexander Novak said Russia and Saudi Arabia were moving towards a strategic energy partnership and that a high level of trust would allow them to address global challenges. The Organization of the Petroleum Exporting Countries and non-OPEC producers such as Russia will hold informal talks in Algeria later in September. There is still a question whether they can cut production for a sustainable period." Several OPEC producers have called for an output freeze to rein in the glut, which arose as supplies from high-cost producers such as the United States soared. Russia's Novak said outright oil production cuts may also be discussed in Algeria. The last talk on output freeze collapsed in April as Saudi Arabia refused to sign on without Iran's participation. Brent rallied to above $50 a barrel in late August, helped by growing talk of a coordinated production freeze, but prices have since fallen as few believe OPEC will act. Iran said it would cooperate on the freeze once its output returned to 4 million barrels per day before sanctions, a level that could be reached within two or three months. That could lay the groundwork for the output freeze deal possibly at OPEC's meeting in late November, rather than a meeting this month in Algeria, Gokon added. [/QUOTE]
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