Consumer confidence drags market lower
October 1st, 2009 by Cale McCulloch
Closing Data
| Current | Change | % | |
|---|---|---|---|
| Dow Jones | 9712.28 | -29.92 | -0.3% |
| NASDAQ | 2122.42 | -1.62 | -0.1% |
| S P 500 | 1057.07 | -3.54 | -0.3% |
| FTSE 100 | 5133.9 | -25.82 | -0.5% |
| Nikkei 225 | 10133.23 | 33.03 | 0.3% |
| ASX 200 | 4,744 | -9.5 | -0.2% |
| COMEX Gold - Dec 09 | 1009.3 | 14.9 | 1.5% |
| COMEX Silver - Sep 09 | 16.658 | 0.48 | 3.0% |
| COMEX Copper - Sep 09 | 281.9 | 9 | 3.3% |
| WTI Spot | 70.61 | 3.9 | 5.8% |
| AUD-USD | 0.8826 | 0.0123 | 1.4% |
| Aluminium | 1852 | 69.5 | 3.9% |
| Copper | 6136 | 201.5 | 3.4% |
| Lead | 2276 | 92 | 4.2% |
| Nickel | 17335 | 440 | 2.6% |
| Tin | 15105 | -20 | -0.1% |
| Zinc | 1913.5 | 47 | 2.5% |
The Dow closed 30 points lower overnight on the back of worse than expected consumer confidence figures that showed consumers are remaining reluctant to spend due to uncertainty that still surrounds their jobs. Last night's losses were limited somewhat by the widespread buying up of Bellwether Technology stocks. At the bell the Dow was off 0.31%, while the S&P 500 and NASDAQ finished lower by 0.33 and 0.08% respectively.
A strong session in commodities may support the Australian market this morning, despite the weak lead from Wall St., with base metals closing higher by between 2 and 4.5%. However the BHP ADR’s trading in NY have the miner opening lower at 37.35, compared with $37.73 yesterday. Oil was a standout performer, putting on just under 6% to close back above USD 70 per barrel. Gold also gained on safe haven buying as the US Dollar weakened, closing some USD 15 a troy ounce higher at USD 1009.3.
The Australian dollar continued its climb overnight, having started in Asian trading yesterday on the back of better than expected consumer spending over the past period. The consumer spending, which climbed 0.9%, stoked speculation that the RBA may hike rates even sooner than previously forecast and sent the Australian dollar back above 88c a USD for the first time in more than 12 months. The continued strength of the dollar will continue to weigh on Australian companies who derive large portions of income in USD, and have not adequately provisioned for this.
The SPI has us opening 4 points lower this morning, with direction likely guided by Asian trading.
Contact your Freeman Fox Stockbroker on 07 3031 9960 or 1800 003 369 Ext 7.
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