Cautious start
August 5th, 2009 by Bryden Elssmann
Closing Data
| Current | Change | % | |
|---|---|---|---|
| Dow Jones | 9320.19 | 33.63 | 0.4% |
| NASDAQ | 2011.31 | 2.7 | 0.1% |
| S P 500 | 1005.65 | 3.02 | 0.3% |
| FTSE 100 | 4671.37 | -11.09 | -0.2% |
| Nikkei 225 | 10375.01 | 22.54 | 0.2% |
| ASX 200 | 4,309 | 45.9 | 1.1% |
| COMEX Gold - Aug 09 | 967.5 | 10.9 | 1.1% |
| COMEX Silver - Jul 09 | 14.695 | 0.443 | 3.1% |
| COMEX Copper - Jul 09 | 279.55 | 5.7 | 2.1% |
| WTI Spot | 71.42 | -0.16 | -0.2% |
| AUD-USD | 0.8435 | -0.0014 | -0.2% |
| Aluminium | 1904.5 | -26 | -1.3% |
| Copper | 5917 | -55 | -0.9% |
| Lead | 1894 | -55 | -2.8% |
| Nickel | 18680 | 100 | 0.5% |
| Tin | 14800 | -615 | -4.0% |
| Zinc | 1795 | -16 | -0.9% |
Australian shares are set for a cautious start, finding some support from modest gains on Wall Street, as the market looks ahead to key jobs data at home and abroad and upcoming earnings reports. The Dow increased 33.63 points, or 0.36%, to 9320.19, marking its fourth straight day of gains.
On the Australian market, resource and financial stocks have been leading the charge pushing the market past 4300 points on its way to a nine-month high. The market has climbed 37 percent since falling to a five-year low in March. The decision by the RBA to leave the cash rate on hold at 3 percent for the fourth month is further indication that the economy is beginning to improve.
The Australian dollar has continued to rally soaring to an 11-month high above US84cents amid growing confidence in the global economy and speculation that Australia may begin to tighten monetary policy. Economists have tipped the RBA to begin raising rates next year with Citigroup forecasting the cash rate to move to 5.5percent in 2010.
On the earnings agenda, Seven Network (SEV) releases its full-year results and insurer AXA releases its second quarter fund flows. David Jones (DJS) reports its fourth quarter sales, expected to be in line with market expectations. We expect DJS to open flat today.
Oil ended slightly lower as analysts expect oil inventories to rise, Oil settled down US16cents to $US71.42 a barrel.
The SPI is currently up 11 points with BHP expected open stronger this morning, up o.6percent.
Contact your Freeman Fox Stockbroker on 07 3031 9960 or 1800 003 369 Ext 7.
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