A dull end to a record-breaking week
The end to a record-breaking week in global markets was somewhat of an anti-climax with US markets spending most of the session in negative territory and finishing down seven points at 20,093 points.
The NASDAQ was only up slightly, finishing the week at 5660 points.
While newswires were flooded with pictures of President Trump signing executive orders there weren’t any policy documents delivered that could potentially sway markets, and Trump’s Twitterlogue was relatively quiet.
Markets were mixed in Europe with no firm leads as the FTSE 100 closed up 0.3%, while the Dax gave up 0.3% and the Paris CAC 40 finished down 0.6%.
Consequently, it is difficult to see the ASX taking any direction from overseas trends, and it is quite likely that the first few trading days could be driven by domestic data with all-important business conditions, business confidence and housing affordability figures to be released on Tuesday.
There was little movement on the commodities front as gold was relatively flat, finishing just under the US$1200 mark, a range it had traded in the vicinity of for most of the week.
Early support for the oil price waned as crude closed at US$53.20 per barrel, representing a decline of circa 1%.
There was also a lack of direction in base metals with copper and nickel gaining ground, while zinc and lead came off slightly. Importantly, copper finished within a cent of its 30 day high.
It is worth noting that 30 day LME copper warehouse stock levels continued to decline last week, suggesting there could be further upside in the near term.
The Australian dollar continues to hover in the vicinity of US$0.755.
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