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Market Wrap

ASX200 continues winning streak, Aussie eases to US$0.642

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The news: The ASX is on a five-day winning streak after lifting 0.68% on Wednesday to 7,088.40, up 2.88% in a week. The Aussie dollar ran into resistance at last week's high of 64.4 US cents and is now buying 64.2 US cents, roughly back where it started the month. Oil has been range bound since spiking on Monday following unrest in the Middle East, with West Texas crude at USD85.97 and Brent fetching USD88.26 a barrel.

The numbers: It was green across the board by sector, with IT stocks (+1.7%), consumer discretionary (+1.2%) and industrials (+1.1%) leading the way. Bank of Queensland lost more than 7%, after earnings undershot the bank's modest guidance, while Qantas gained 2.9% after announcing a use-by date for chair Richard Goyder.

The context: Representatives from PwC will front a senate inquiry into integrity in consulting services at 9am tomorrow morning, followed by Professional Standards Councils, ASIC and Treasury later in the day. The Melbourne Institute will release its inflation expectations tomorrow morning. Monthly US PPI data comes out overnight ahead of FOMC minutes, which are due at 5am AEDT. There will also be a US 10-year bond auction at around 4am AEDT.


By Adrian Black