Little Lead for Our Market
June 29th, 2009 by Cale McCulloch
Closing Data
| Current | +/- | % | |
|---|---|---|---|
| Dow Jones | 8438.39 | -34.01 | -0.4% |
| NASDAQ | 1838.22 | 8.68 | 0.5% |
| S P 500 | 918.9 | -1.36 | -0.1% |
| FTSE 100 | 4241.01 | -11.56 | -0.3% |
| Nikkei 225 | 9877.39 | 81.31 | 0.8% |
| 0.0% | |||
| US Bond 10 Yr | 3.5391 | -0.0007 | -0.0% |
| US Bond 30 Yr | 4.3369 | -0.001 | -0.0% |
| 0.0% | |||
| COMEX Gold - Aug 09 | 941 | 1.5 | 0.2% |
| COMEX Silver - Jul 09 | 14.128 | 0.123 | 0.9% |
| COMEX Copper - Jul 09 | 229.35 | -0.8 | -0.3% |
| WTI Spot | 69.16 | -0.54 | -0.8% |
| Aluminium | 1646.5 | 24.5 | 1.5% |
| Copper | 5101.5 | 78 | 1.6% |
| Lead | 1718 | 8 | 0.5% |
| Nickel | 15875 | 520 | 3.4% |
| Tin | 15000 | 200 | 1.4% |
| Zinc | 1589.5 | 6.5 | 0.4% |
US markets drifted lower at the close on Friday night, with the Dow closing down some 34 points. The weakness in markets followed weak consumer spending numbers that showed households are either paying down debt or hoarding cash in these uncertain economic times. Spending rose just 0.3%. The worry here is that consumer spending fuels some two thirds of Growth in the States, and a continuation of these historically high savings rates may severely disrupt any economic recovery.
There is a wave of economic data coming out this week in the States (although the trading week is shortened by the July 4th holiday on Thursday), including job numbers, housing data, non-farm pay rolls, pending home sales, construction spending and manufacturing data.
The Australian market looks set to open 1 point higher according to the SPI futures, although continued weakness in base metals and commodities could weigh on the index throughout the session. Base metals were broadly lower, with the exception of Nickel which managed to climb a little under 1%. Oil drifted lower, closing at USD 69.16 per barrel, while Gold managed to nudge just USD 1.50 higher to close at $941 an ounce.
Weakness in the Euro-zone, driven lower by concern surrounding financials and weaker base metals, could push the Banking sector lower today, following the strong gains late last week.
Just a reminder for all holding RIO, with the rights issue closing on Wednesday the 1st of July, please ensure you have completed and returned the necessary paperwork to receive the additional shares if that is your intention. If you have any questions in relation to this, feel free to give us a call.
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.