Asian Markets Higher
June 22nd, 2010 by Bryden Elssmann
Closing Data
| Current | Change | % | |
|---|---|---|---|
| Dow Jones | 10,442.41 | -8.23 | -0.1% |
| NASDAQ | 2,289.09 | -20.71 | -0.9% |
| S P 500 | 1,113.20 | -4.31 | -0.4% |
| FTSE 100 | 5,299.11 | 48.27 | 0.9% |
| Nikkei 225 | 10,238.01 | 242.99 | 2.4% |
| ASX 200 | 4,612.60 | 60.7 | 1.3% |
| COMEX Gold - Dec 09 | 1,240.70 | -17.6 | -1.4% |
| COMEX Silver - Sep 09 | 18.808 | -0.376 | -2.0% |
| COMEX Copper - Sep 09 | 295.95 | 5.8 | 2.0% |
| WTI Spot | 77.8 | 0.62 | 0.8% |
| AUD-USD | 0.8766 | -0.0051 | -0.6% |
| Aluminium | 1,931.00 | -19.5 | -1.0% |
| Copper | 6,315.50 | -165 | -2.5% |
| Lead | 1,706.50 | -8.5 | -0.5% |
| Nickel | 19,305.00 | -380 | -1.9% |
| Tin | 17,450.00 | 150 | 0.9% |
| Zinc | 1,703.50 | -24 | -1.4% |
China’s decision to revalue its currency buoyed expectations that global growth would remain strong, sending markets across Asia higher yesterday. The Chinese central bank said on Saturday that it would allow the exchange rate of its fixed currency, the Yuan, to be more flexible. The positive sentiment was short lived on Wall Street, the Dow rallied for most of the session, up 140 points at one stage, only to finish down 8.23 points to close at 10,442.41. The rally was short lived as China cautioned that Yuan’s rise would happen gradually.
A freeing up of the Chinese currency could be a boost for Australian miners and exporters, who suffered as the artificially low Yuan made imports to China expensive. Beijing will be under pressure to move on its currency ahead of the G-20 meeting in Toronto next weekend. The undervalued Yaun has faced criticism from Washington as creating a global economic imbalance between Chinese trading partners.
The Australian dollar rose to its highest level in Five weeks, boosted by news that China would adopt a more flexible exchange rate regime. The Aussie dollar is trading above $US0.87. The Australian market is tipped to open softer this morning following weak offshore leads. The SPI is currently trading down 37 points to 4577.
Sundance (SDL.ASX)
The wreckage of a plane carrying board members of Sundance Resources Ltd. was found in dense jungle in the Republic of Congo with no survivors, the company and a Cameroon government representative said.
There had been 11 people on the plane, including millionaire Ken Talbot, Minister of Communications Issa Tchiroma Bakary said today in Cameroon’s capital, Yaounde. The aircraft was reported missing on June 19 on a flight from Yaounde to Yangadou in Congo.
The company will remain in a trading halt until further notice.
Contact your Freeman Fox Stockbroker on 07 3031 9960 or 1800 003 369 Ext 7.
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