Morning Market Update - 21 December 2017

This will be our last Morning Market Update for 2017, the Morning Market Update will recommence on 22nd January 2018.

Pre-Open Data


Key Data for the Week

Key economic data released this week:

  • Wednesday – US – Existing Home Sales increased more than expected in November, surging to an annual rate of 5.6%, their highest level in nearly 11 years.
  • Thursday – Initial Jobless Claims
  • Thursday – US – Gross Domestic Product
  • Friday – UK – Gross Domestic Product
  • Friday – US – Durable Goods Orders

Australian Market


The Australian market ended the day a touch higher yesterday, up 0.06%. The major banks were mixed; Commonwealth Bank and ANZ rose 0.34% and 0.14% respectively, whilst NAB lost 0.47% and Westpac gave up 0.19%.

Ardent Leisure Group (AAD) announced it has entered a binding agreement to sell its Bowling & Entertainment division for $160m on a debt and cash free basis to the Entertainment and Education Group. AAD expects to be in a net cash position post completion. AAD gained $0.21, to close 11.9% higher, at $1.94.

The Australian futures market points to a 0.28% fall today, being driven by weak leads from international markets overnight.

Overseas Market 

US markets were subdued overnight despite the passing of the Tax Cuts and Jobs Act by both houses of US Congress.

The Dow Jones fell 0.11%, the S&P 500 lost 0.05% and the NASDAQ declined 0.04%.

Over the past 12 months, the Dow Jones has rallied 23.79%, the S&P 500 has lifted 17.99% and the NASDAQ is 26.93% higher.

European markets also fell overnight; the German DAX lost 1.11%, whilst France’s CAC 40 and the UK’s FTSE 100 fell 0.56% and 0.25%.

Over the past 12 months, the German DAX rallied 13.99%, France’s CAC 40 rose 10.37% and UK’s FTSE 100 lifted 6.83%.

CNIS Perspective

It’s quite appropriate that our last Morning Market Update prior to Christmas makes reference to one of the best and most anticipated gifts of all time – tax cuts in the US!

Last night the US Congress approved a raft of tax cuts that formed the basis of Trump’s election campaign a year ago.

Finally, a piece of his reforms has been passed!

While he has his detractors, there’s little doubt from most economists that these tax cuts will be stimulatory to both US business and consumers.

And while ever the world’s largest economy is growing, the rest of the world can breathe a lot easier, knowing global economic growth is not far behind.

Merry Christmas from all of us at Cutcher & Neale Investment Services.

We eagerly look forward to 2018 and to continuing to protect your capital and making your portfolios grow.

This will be our last Morning Market Update for 2017, the Morning Market Update will recommence on 22nd January 2018.

Contact Us

Should you wish to discuss this or any other Investment related matter, please contact our Investment Services Team on (02) 4928 8500.


The material contained in this publication is in the nature of general comment only, and neither purports, nor is intended to be advice on any particular matter.  Persons should not act or rely upon any information contained in or implied by this publication without seeking appropriate professional advice which relates specifically to his/her particular circumstances.  Cutcher & Neale Investment Services Pty Limited expressly disclaim all and any liability to any person, whether a client of Cutcher & Neale Investment Services Pty Limited or not, who acts or fails to act as a consequence of reliance upon the whole or any part of this publication. Cutcher & Neale Investment Services Pty Limited ABN 38 107 536 783 is a Corporate Authorised Representative of Cutcher & Neale Financial Services Pty Ltd ABN 22 160 682 879 AFSL 433814


Topics: CNIS, Investment, US Congress, Trump

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