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S&P/ASX 200 breaks through 6,200 early and then fades lower

S&P 500 Index was up 0.36% and the Nasdaq Composite was up 0.34% last night.

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Morgan Stanley's view that Bank of Queensland will cut its dividend scares some investors out

S&P/ASX 200 (INDEXASX:XJO) raced out of the open this morning to a high of 6,206.9 before cooling off to be up 15.6 or 0.3% higher at 6,191.7 at 12.45pm.

Both the S&P 500 Index (INDEXSP:.INX) and the Nasdaq Composite (INDEXNASDAQ:.IXIC) finished higher overnight.

The miners are having a big day with Fortescue (ASX:FMG) up 2.32% and Rio Tinto (ASX:RIO) up 1.70%.

Morgan Stanley says Bank of Queensland might cut dividend

Bank of Queensland Limited (ASX:BOQ) shares are down nearly 1% after Morgan Stanley has come out saying it thinks the bank will need to cut its dividend.

Seemingly, the opinion has been enough for some investors positioned in the stock for yield purposes to sell out with shares down 10 cents on the day to $9.13.

Private sector credit numbers beat expectations

The Reserve Bank of Australian released its monthly private sector credit numbers today at 11.30am which beat expectations slightly.

The data point measures the change in the total value of new credit issued to consumers and businesses.

Today's figures of +0.3% was slightly ahead of economist's predictions of +0.2%.

Borrowing and spending are positively correlated, so the fact that private sector credit is still growing is seen as bullish for the Australian economy.

 

 

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