Morning Market Update - 30 November 2017


Pre-Open Data


Key Data for the Week

Key economic data released this week:

  • Wednesday – EUR – Consumer Confidence lifted to 0.1, its highest level in over 10 years.
  • Wednesday – EUR – Industrial Confidence increased to 8.2 in November, well above the average of -6.2 since 1990.
  • Wednesday – US – Gross Domestic Product grew 3.3% in the third quarter.
  • Thursday – AUS – ANZ Business Confidence
  • Thursday – EUR – Consumer Price Index
  • Thursday – EUR – Unemployment Rate
  • Thursday – US – Initial Jobless Claims

Australian Market


The ASX 200 gained 26.8pts to close 0.5% higher at 6,011, led by gains in the Utilities and Consumer Discretionary sectors.

The major banks rallied yesterday; Commonwealth Bank was the best performer up 0.76%, Westpac and NAB put on 0.74% and 0.68% respectively, whilst ANZ lifted 0.49%.

The Australian futures market points to a 0.18% fall today. 

Overseas Market

US share markets were dragged lower due to a sell-off in Technology shares overnight. Stocks started the day higher on speculation the US Senate would pass cuts to corporate taxes. Banks led the gains because the banking industry is viewed as being one of the industries that will benefit the most from corporate tax cuts.

The Dow Jones ended the session up 0.44%, whilst the S&P 500 lost 0.04% and the NASDAQ, which includes more Technology companies, gave up 1.27%.

CNIS Perspective

The US economy grew faster than initially thought in the third quarter, notching its quickest pace in three years, buoyed by robust business spending and an accumulation of inventories.

Gross Domestic Product grew at an annual pace of 3.3% from July through September, previously reported to have grown 3.0%, and is a pick-up from the second quarter reading of 3.1%.

It was the first time since 2014 that the economy experienced growth of 3% or more for two straight quarters, despite two devastating hurricanes.

Business investment increased at an annual pace of 7.3% from July through September, the biggest pickup for that category since the end of 2016.

However, consumer spending, which accounts for 70% of US economic output, grew at an annual pace of just 2.3%, down from 3.3% in the second quarter.

The brisk GDP growth pace strengthens the case for the Federal Reserve to raise interest rates next month.


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: Business, Investment, CNIS, GDP, US Economy

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