Market Due for a Breather
August 7th, 2009 by Bryden Elssmann
Closing Data
| 9256.26 | -24.71 | % | |
|---|---|---|---|
| NASDAQ | 1973.16 | -19.89 | -1.0% |
| S P 500 | 997.08 | -5.64 | -0.6% |
| FTSE 100 | 4690.53 | 43.4 | 0.9% |
| Nikkei 225 | 10388.09 | 135.56 | 1.3% |
| COMEX Gold - Dec 09 | 962.9 | -3.4 | -0.4% |
| COMEX Silver - Sep 09 | 14.645 | -0.115 | -0.8% |
| COMEX Copper - Sep 09 | 275.2 | -6 | -2.1% |
| WTI Spot | 71.94 | -0.03 | -0.0% |
| Aluminium | 2001.5 | -14 | -0.7% |
| Copper | 6035 | -97 | -1.6% |
| Lead | 1897 | -33.5 | -1.7% |
| Nickel | 20075 | 335 | 1.7% |
| Tin | 15700 | 345 | 2.2% |
| Zinc | 1872.5 | 21.5 | 1.2% |
Australian stocks are set to retreat on Friday after Wall Street eased on nerves ahead of a key U.S. jobs report. Metals prices also dropped back. Investors are beginning to worry that the markets are running out of steam in the short term.
The Dow fell 24.71 points, or 0.27 per cent, to 9256.26; the Nasdaq lost 19.89 points, or 1 per cent to 1973.16; the Standard & Poor's 500 lost 5.64 points, or 0.56 per cent, to 997.08.
The Reserve Bank of Australia publishes its quarterly Statement on Monetary Policy at 11.30 a.m with investors on the lookout for clues on the longer-term outlook for interest rates. Many economists are forecasting a rate rise by Christmas.
CBA closed stronger yesterday added 2.59% to $44.35. The former chief executive of Brambles, David Turner has been announced as the replacement for John Schubert, as chairman next year. It comes after Schubert missed out on the top board job at BHP Billiton this week and yesterday announced he would stand down. CBA’s profits have been growing year on year over the past four years.
NWS shares gained yesterday, adding 3.05% to $14.86. Chairman Rupert Murdoch has declared that News Corp is planning a charge for all of its News websites, which include the Australian and the Wall Street Journal. The news came after News Corp posted a $4 billion annual loss yesterday due largely to write downs and the downturn in advertising revenue. Looking at the past five years of results, the standout performance for News Corp was in 2008. New Corp also announced it plans to implement an online subscription model for its Australian papers, namely The Australian.
Gold lost ground, down US$3.40 to US$962.90 an ounce For the September contract. Silver lost 12 cents to US$14.65 and copper fell 6 cents at US$2.75. Oil fell 3 cents overnight to US$71.94 a barrel for September light crude in New York. The US Federal Trade Commission is under increasing pressure to implement new regulation aimed at market manipulation. The Trade Commission announced it has issued regulation giving the agency authority to levy fines against instances of market manipulation.
Have a good weekend
Contact your Freeman Fox Stockbroker on 07 3031 9960 or 1800 003 369 Ext 7.
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