Market Report with Paul Wareing - March 09, 2017

Written on the 9 March 2017

Market Report with Paul Wareing - March 09, 2017 The Australian stock market was fairly subdued last week despite a strong rebound in Gross Domestic Product numbers (+1.1%) for the fourth quarter.  This strength was a contributory factor to the Reserve Bank leaving interest rates unchanged yesterday.  Any attempts to push the market higher were thwarted by profit taking in some mining stocks, this despite continued strength in iron ore prices.

In the US a well received more "presidential" tone from Mr Trump as he addressed a joint sitting of Congress was somewhat undermined by a lack of detail on fiscal stimulus. This perhaps hints that it is not a major priority for the President with his repeal/reform of Obamacare a more pressing issue. Unlike our own Reserve Bank the US look pretty much odds on to raise rates next week. Once again, a positive week for the US with stocks, the dollar and bond yields all rising.

The aforementioned "more presidential" tone from The Donald didn't last long at all with accusations of illegal bugging in Trump Tower being launched at Mr Obama. The markets have been fairly tolerant of Mr Trumps' erratic tweeting but one must question how long this will continue.

Looking ahead, in the US all eyes will be on the payroll data on Friday with consensus looking for a solid gain of 200,000 jobs. Given the recent strong run in equities and the lack of clarity around policy it will be interesting to see how the US market moves this week.

Locally, the sell off in the resource sector has been interesting given the strength in commodity prices and may herald the return of some buying activity.  On the data front the NAB Business Survey will be monitored to see if the strong data for January continues into February's numbers. Any strengthening in the US dollar will likely see weakness in the Aussie

Paul Wareing
Investment Adviser
Barclay Wells Ltd
41 Carnarvon St Broome
0411 809 104


In accordance with Section 949A of the Corporations Act 2001 Barclay Wells Limited advise that information in this article contain general financial advice only. Wells Limited did not take into account the investment objectives, financial situation and particular needs ('financial circumstances') of any particular person. Accordingly, before acting on any advice contained in this site, you should assess whether the advice is appropriate in light of your own financial circumstances or contact your Barclay Wells Limited adviser. Barclay Wells Limited, its Directors employees and advisers may earn brokerage or commission from any transactions undertaken on your behalf as a result of acting upon this information. Barclay Wells Limited, its directors and employees advise that they may hold securities, may have an interest in and/or earn brokerage and other benefits or advantages, either directly or indirectly, from client transactions. Barclay Wells Limited believe that the advice herein is accurate however no warranty of accuracy or reliability is given in relation to any advice or information contained in this publication and no responsibility for any loss or damage whatsoever arising in any way for any representation, act or omission, whether express or implied (including responsibility to any persons by reason of negligence), is accepted by Barclay Wells Limited or any officer, agent or employee of Barclay Wells Limited.

Upcoming Events

Latest news

Matso's Acquired by Gage Roads Brewing

The Peirson-Jones family are delighted to announce that we have agreed to sell Matso's Broome Brewery (Matso's) to Gage Roads Brewing Co (ASX:GRB), one of Australia's leading independent craft brewers. The agreement will see the Matso's range become an integral part of Gage Roads' portfolio of well-known craft beers an...

Read More

Articles via RSS rss

Sign Up for the latest news & events

Does your business attract, recruit and retain staff by offering employment or work experience to young Aboriginal employees?
CLICK HERE to become a Working Together Employer of Choice.



We are located at:

6 Napier Tce
(behind the Westpac bank)
WA 6725

Chamber office hours

Monday: 10am - 3pm
Tuesday: 10am - 2pm
Wednesday: 10am - 3pm
Thursday: 10am - 2pm
Friday: 10am - 2pm

Please ring for an appointment


(08) 9193 5553

After Hours

0410 967 509