Australian shares seen pausing after July surge
August 3rd, 2009 by Cale McCulloch
Closing Data
| Current | Change | % | |
|---|---|---|---|
| Dow Jones | 9171.61 | 17.15 | 0.2% |
| NASDAQ | 1978.5 | -5.8 | -0.3% |
| S P 500 | 987.48 | 0.73 | 0.1% |
| FTSE 100 | 4608.36 | -23.25 | -0.5% |
| Nikkei 225 | 10356.83 | 191.62 | 1.9% |
| ASX 200 | 4,244 | 53.5 | 1.3% |
| COMEX Gold - Aug 09 | 934.9 | 7.7 | 0.8% |
| COMEX Silver - Jul 09 | 13.485 | 0.227 | 1.7% |
| COMEX Copper - Jul 09 | 262.5 | 6.1 | 2.4% |
| WTI Spot | 69.45 | 2.51 | 3.7% |
| AUD-USD | 0.8358 | 0.0002 | 0.0% |
| Aluminium | 1863.5 | 44.5 | 2.4% |
| Copper | 5750 | 253 | 4.6% |
| Lead | 1842.5 | 68 | 3.8% |
| Nickel | 17650 | 800 | 4.7% |
| Tin | 15000 | 390 | 2.7% |
| Zinc | 1748 | 78 | 4.7% |
US markets ended mixed on Friday, with the Dow Jones and the S&P 500 managing 0.19 and 0.07% gains respectively, while the NASDAQ shed some 0.29% percent of recent gains. US investors took comfort from the better than expected GDP reading, with it being down 1% on an annualised rate. But gains were limited by poor results from a number of the major transport players, and integrated oil major Chevron, who posted a bigger than expected slide in profit.
We are looking at a relatively flat open on the local market this morning, with any move likely to be driven by Asian markets as they open ahead of the kick off of domestic reporting season. Reporting on Wednesday is David Jones, with News corp reporting after the bell on Thursday ahead of the New York open. Also reporting this week is Alumina and Tabcorp.
On the economic front, we have an action packed week domestically, with the ANZ job advertisements due out today along with the RBA commodity price index for June. The big one on Tuesday is the RBA board meeting and rate announcement, with the bets on rates remaining on hold. Thursday has the ABS Labour force data, and out on Friday in the RBA statement on monetary policy.
A number of stocks likely to do well throughout reporting season will be those that have been stable throughout the recent rally, but underperformed as a result of either there complex structure or defensive nature. These include the likes of CSL, and QBE which is also due to pay a 61c dividend at the end of the month.
The SPI futures have us opening down 2 points this morning.
Contact your Freeman Fox Stockbroker on 07 3031 9960 or 1800 003 369 Ext 7.
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