Originally published by CMC Markets
Stock market indices all over the world pushed higher during overnight trading. Better than predicting corporate profits against a background of lower interest rates drove profit. Bond prices were supported and the foreign exchange markets remained stable. prices fell due to slower Russian compliance with the OPEC cuts, but this was added to the recent profit. General action points to a prudent risk of leaving a State of the Nation address from the US President.
Energy giant BP (LON 🙂 led the action and beat analysts' estimates by around 7.5% on higher production and improved operational efficiency. Consumer stocks were mentioned in both Europe and the US, although profits were broadly spread across different sectors. Financials lagged behind concerns a weaker and more stable interest rate environment could damage margins
It dripped over 96, pushed under $ 1.30, and flirted with the 110 level.
The Commonwealth Bank of Australia (AX 🙂 reported a slight increase in operating profit by 1.7%, although total profit decreased by 2.1% due to higher write-downs. The result is lower than the consensus forecasts and CBA shares can return some of yesterday's exceptional gains. Other results this morning are more impressive, and IAG (LON :), Bunnings Trust and Bunnings Trust (AX 🙂 have provided pleasant surprises for shareholders.
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