Dow Jones Slides 100pts
January 18th, 2010 by Cale McCulloch
Closing Data
| Current | Change | % | |
|---|---|---|---|
| Dow Jones | 10,609.65 | -100.9 | -0.9% |
| NASDAQ | 2,287.99 | -28.75 | -1.2% |
| S P 500 | 1,136.03 | -12.43 | -1.1% |
| FTSE 100 | 5,455.37 | -42.83 | -0.8% |
| Nikkei 225 | 10,982.10 | 74.42 | 0.7% |
| ASX 200 | 4,900.00 | 1.6 | 0.0% |
| COMEX Gold - Dec 09 | 1,130.50 | -12.5 | -1.1% |
| COMEX Silver - Sep 09 | 18.427 | -0.228 | -1.2% |
| COMEX Copper - Sep 09 | 336.6 | -2.15 | -0.6% |
| WTI Spot | 78 | -1.39 | -1.8% |
| AUD-USD | 0.9231 | -0.0087 | -0.9% |
| Aluminium | 2,282.00 | -11 | -0.5% |
| Copper | 7,405.50 | -48.5 | -0.7% |
| Lead | 2,440.00 | -11 | -0.4% |
| Nickel | 18,325.00 | -25 | -0.1% |
| Tin | 18,100.00 | -100 | -0.5% |
| Zinc | 2,440.50 | -52 | -2.1% |
The local market is expected to slide some 29 points on the open according to SPI futures trading on the back of 1% declines on Wall St Friday night. The Dow Jones industrial Average slid some 100 points after consumer confidence came in weaker than expected, causing a shakeout in the consumer sector as well as in the Airline space. JP Morgan came in with a strong headline number, but saw heavy losses in the credit card and mortgage divisions, and had to set aside a further USD 2 Billion to cover future losses. This led the financial sector lower throughout the session.
Commodity prices traded lower across the board with Gold slipping USD 12.50 to 1130 an Ounce, while oil gave back USD 1.40 per barrel to close back at 78 a barrel. Base Metals were broadly lower with Copper, Lead, Zinc, Aluminium and Tin all closing 0.8-3% lower on Friday night, while nickel bucked the trend closing 1.65% higher for the session.
The commodity stocks are likely to be key points of weakness this morning, with BHP closing in NY at the AUD equivalent of 42.95 a share compared with 43.65 per share locally on Friday. However, the real focus will be on the Banking sector this morning. On Friday afternoon after CBA revised profit guidance higher to $2.9 Billion against the consensus analyst forecast was just $2.7 billion. The report brought about a dramatic reversal for the market on the close, with bank stocks leading the broader index higher by some 30 points on the match to finish slightly in positive territory. Analysts have now had the weekend to pour over the details, and the implications they have for the sector ahead of the open. The Banking sector is likely to be unusually active this morning.
Although the SPI has us opening lower, the strong finish Friday afternoon could lead to some technical buying throughout the day.
Contact your Freeman Fox Stockbroker on 07 3031 9960 or 1800 003 369 Ext 7.
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