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Trump Slump

The Trump jump turned to a Trump slump in US markets overnight. Both the DJIA and the S&P 500 failed to clear yesterday’s highs, and finished in negative territory. USD inspired weakness in energy and metal prices add to today’s worries, although jobs data released around mid-session may change the course of trade. Individual stocks could again dominate investor attention as earnings and AGM outlooks hit the screens.

The consensus jobs forecast is a gain of 16,000. Analysts are likely to focus on the composition. Any evidence that the recent weakness in full-time positions has reversed may receive a strong market response even if the headline number fails to impress.

A 12% fall in iron ore prices over the last two days will weigh on producers. Both precious metals and industrial metals fell overnight, and oil slipped. Resource stock weakness could drag the main index lower than the current futures market indication of 13 points.

James Hardie reported this morning slightly better than expected earnings, but gave a poor prognostication, inviting sellers. Cudeco will release data later today. AGMs for Village, Sonic, Resmed, Seven Group and BHP star among the 27 meetings today. Trading this week so far is dominated by cash investors, and today’s news should see that trend continue.

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