The Australian Market Set To Slide.... Dow Jones Down 158pts
May 3rd, 2010 by Cale McCulloch
Closing Data
| Current | Change | % | |
|---|---|---|---|
| Dow Jones | 11,008.61 | -158.71 | -1.4% |
| NASDAQ | 2,461.19 | -50.73 | -2.0% |
| S P 500 | 1,186.68 | -20.1 | -1.7% |
| FTSE 100 | 5,553.29 | -64.55 | -1.1% |
| Nikkei 225 | 11,057.40 | 132.61 | 1.2% |
| ASX 200 | 4,807.40 | 21.8 | 0.5% |
| COMEX Gold - Dec 09 | 1,181.00 | 12.2 | 1.0% |
| COMEX Silver - Sep 09 | 18.61 | 0.031 | 0.2% |
| COMEX Copper - Sep 09 | 335.3 | 0.25 | 0.1% |
| WTI Spot | 86.17 | 1 | 1.2% |
| AUD-USD | 0.9243 | -0.0034 | -0.4% |
| Aluminium | 2,184.00 | -11.5 | -0.5% |
| Copper | 7,365.00 | -30 | -0.4% |
| Lead | 2,176.00 | -53 | -2.4% |
| Nickel | 25,810.00 | 110 | 0.4% |
| Tin | 18,095.00 | -355 | -1.9% |
| Zinc | 2,256.00 | -59 | -2.5% |
The Australian Market is set to slide on the open, with the SPI trading lower by some 1.3%. Leading the share market lower will be the big resource names, with BHP trading in NY at the AUD equivalent of 39.39, compared with 40.75 domestically. News out over the weekend that the Henry tax review will see a 40% Resource Company tax is likely to add to the confusion, and probably the selling.
The Dow Jones Industrial Average finished lower by 158 points Friday night as concerns about possible criminal prosecution relating to Goldman Sachs, saw the company slip another 9% for the session. Warren Buffet was quick to stand behind Goldman Sachs at the Berkshire Hathaway annual shareholder meeting in Omaha over the weekend. Big energy names were also sold off in relation to the Oil spillage in the Gulf of Mexico, with the blame, and the cost, set to fall heavily on BP. At the close, the S&P 500 was 1.67% lower and the NASDAQ off by 2.02%.
Also out over the weekend was news that Greece has reached a Bailout deal with the EU and the IMF. The 3 year 110 Billion Euro bailout should lend support to the Euro early this week. It may also keep S&P and Moody’s from downgrading more of the Euro zone members early in the week as they had previously threatened.
All of the uncertainty lent support to Gold as a safe haven, with the precious metal rallying to close USD 12.20 higher at 1181 a Troy Ounce. Oil gained USD 1 per barrel and Base metals were broadly firmer for the session, with Nickel the strongest, gaining 3.56%. Unfortunately, the strength in base metals, Oil and Gold will not stop the fall this morning, with the market set to open at 4757, compared with 4807 on Friday.
Contact your Freeman Fox Stockbroker on 07 3031 9960 or 1800 003 369 Ext 7.
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