This morning’s soft opening represents a largely neutral macro stance for the ASX 200 index. With US and Chinese markets closed, the index has opened inside yesterday’s range and in wait and see mode. Investors are waiting on a number of developments including the BHP profit result; this week’s bond auctions in the US and the Fed minutes.

The divergence of opinion on Woodside’s capital raising and Scarborough acquisition could lead to share price volatility for a while yet. At the end of the day, management have done what the market was asking for and patiently put together a suite of growth assets. Development of assets like these carries inevitable risk and those risks are gradually increasing as available gas resources become less accessible and/or carry greater political risk. The current sell-off provides an opportunity to access Woodside’s growth potential and assume its growth risk at a more favourable entry point.

APN Outdoor failed to justify yesterday’s rally with this morning’s result. Revenue growth was moderate at 4% and management noted that trading so far this year is in line with expectations, implying ongoing low/moderate growth.

CMC Markets is an execution-only service provider. The material (whether or not it states any opinions) is for general information purposes only, and does not take into account your personal circumstances or objectives. Nothing in this material is (or should be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by CMC Markets or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.

CMC Markets Singapore may provide or make available research analysis or reports prepared or issued by entities within the CMC Markets group of companies, located and regulated under the laws in a foreign jurisdictions, in accordance with regulation 32C of the Financial Advisers Regulations. Where such information is issued or promulgated to a person who is not an accredited investor, expert investor or institutional investor, CMC Markets Singapore accepts legal responsibility for the contents of the analysis or report, to the extent required by law. Recipients of such information who are resident in Singapore may contact CMC Markets Singapore on 1800 559 6000 for any matters arising from or in connection with the information.