Australin shares set to rebound following Wall St
July 24th, 2009 by Bryden Elssmann
Closing Data
| Current | Change | % | |
|---|---|---|---|
| Dow Jones | 9069.29 | 188.03 | 2.1% |
| NASDAQ | 1973.6 | 47.22 | 2.5% |
| S P 500 | 976.29 | 22.22 | 2.3% |
| FTSE 100 | 4559.8 | 78.63 | 1.8% |
| Nikkei 225 | 9792.94 | 69.78 | 0.7% |
| ASX 200 | 4,064 | -4.4 | -0.1% |
| COMEX Gold - Aug 09 | 954.8 | 1.5 | 0.2% |
| COMEX Silver - Jul 09 | 13.77 | 0.07 | 0.5% |
| COMEX Copper - Jul 09 | 252.4 | 7.3 | 3.0% |
| WTI Spot | 66.1 | 1.52 | 2.4% |
| AUD-USD | 0.8146 | 0.0024 | 0.3% |
| Aluminium | 1702.5 | 9.5 | 0.6% |
| Copper | 5474 | 129 | 2.4% |
| Lead | 1699 | 24.5 | 1.5% |
| Nickel | 16300 | 520 | 3.3% |
| Tin | 14425 | 225 | 1.6% |
| Zinc | 1642.5 | 24.5 | 1.5% |
Wall St
The Dow went above 9000 points for the first time since January, after sales of existing homes in the US rose for the third straight month and eBay, Ford Motor and AT&T delivered better results than had been expected. US corporate earnings are showing in many cases that companies are increasing their bottom lines with lower revenue, which means that corporate management is taking responsible cost cutting steps to navigate the economic downturn.
The Dow gained 188.03 points, or 2.1 per cent, to 9069.29 while the S&P 500 advanced 22.22 points to 976.29.
ASX
Australian stocks are expected to open firmer on Friday, recovering from the previous day's slip after a strong run on Wall Street, with resource firms set for a boost from higher metal and oil prices.
Miners and energy producers may extend recent gains after copper reached a fresh nine-month high and crude oil climbed to the highest level in three weeks. Stronger commodity prices boost mining stocks, the market may be led higher by BHP Billiton and WPL which announced this morning that 2quarter output beat expectations.
Oil for September delivery rose $US1.76 to $US67.16 a barrel in New York.
The Aussie dollar has tracked higher as global equities and commodities pushed the dollar to US82.23 cents.
VIX
The VIX, otherwise known as Wall Street’s fear gauge, is firmly back under 30, suggesting that investors are confident the worst is over. But it remains above the 20 mark, a sign that investors are not overly exuberant. The VIX traditionally has an inverse relationship with the S&P 500. Many analysts believe the market is now back in a bullish phase, pointing not only to the 46% surge in the S&P 500 since its March lows, but also the 25% jump in the Nasdaq for the year to date. The verdict is still out…
Contact your Freeman Fox Stockbroker on 07 3031 9960 or 1800 003 369 Ext 7.
Disclaimer
The material in “Market Fox” (newsletter) is of a general nature only and neither purports nor is intended to be regarded as advice. No consideration has been given or will be given to your investment objectives, financial situation or needs. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk. Not all risks can be or will be explained in the newsletter. Previous results are no indication of future results. Actual results achieved in the market can vary considerably. The Directors and Representatives of Freeman Fox Ltd and their associates may hold securities in the companies presented.
The research made available in this newsletter is for your private use only and it is protected by applicable copyright laws and other applicable intellectual property right laws. You may not reproduce, distribute, disseminate, broadcast, sell, publish, circulate or give for free, any of the materials made available to you in this newsletter without first seeking the prior written consent of Freeman Fox Ltd.
Freeman Fox Ltd is not required to update any of the content made available in this newsletter, including but not limited to any research commentary, forecasts, recommendations or other analysis in this newsletter. Therefore, for the avoidance of any doubt, material made available in this newsletter may not be accurate after the date of publication or the date on which it is displayed in the newsletter.
To the extent permitted by law, Freeman Fox Ltd and their respective directors, officers, employees, contractors and agents disclaim all responsibility to you for any loss, liability, claim, expense (including but not limited to legal costs and resultant defence or settlement costs) or damage whatsoever, whether direct, consequential, special, incidental, punitive or indirect (including but not limited to loss of profits, trading losses and damages that result from delay, loss or inconvenience) arising out of or in connection with the content of the newsletter and/or any omissions from the content whether in contract, tort (including negligence), statute or otherwise and even if Freeman Fox Ltd has been advised of the possibility of such damage or loss.
If you require assistance in relation to your personal investment situation, contact an authorised representative of Freeman Fox Ltd.