Markets may pause ahead of rate announcement
April 6th, 2009 by Cale McCulloch
Closing Data
| current | change | % | |
|---|---|---|---|
| Dow Jones | 8017.59 | 39.51 | 0.5% |
| NASDAQ | 1621.87 | 19.24 | 1.2% |
| S P 500 | 842.5 | 8.12 | 1.0% |
| FTSE 100 | 4029.67 | -95.3 | -2.3% |
| Nikkei 225 | 8749.84 | 30.06 | 0.3% |
| SPI Futures | 3649 | 28 | 0.8% |
| All Ords | 3,674.00 | 51.9 | 1.4% |
| Oil | 52.52 | -0.09 | -0.2% |
| Gold | 897.3 | -11.6 | -1.3% |
| Silver | 12.735 | -0.29 | -2.2% |
| Aluminium | 1410.5 | 29.5 | 2.1% |
| Copper | 4130 | 19.5 | 0.5% |
| Lead | 1283 | 24 | 1.9% |
| Nickel | 10310 | 100 | 1.0% |
| Tin | 11000 | -75 | -0.7% |
| Zinc | 1313 | 10 | 0.8% |
U.S. markets closed moderately higher, finishing off a strong week up a further 0.5% on Friday. Job losses came in broadly in line with expectations showing that 663,000 additional job losses accumulated in February. Perhaps more importantly the number of people who have been forced into part time work who would prefer to be in a full time position sky rocketed over the past 6 weeks to an enormous 9 million from 423,000. Although markets shrugged off the jobless figures, the negative data looks set to continue flowing for some time.
Oil was flat in overnight trade, managing to hold on to the steep gains of the previous couple of session to close above USD 52 a barrel. Gold has continued to fell off as investors and traders seek to take on more risk. April Gold closed back below USD 900 an ounce. Base metals continued to climb, up between 1.5% to 4%.
The SPI has us opening up 33 points today. The index is approaching resistance at 3800, and may see some profit taking throughout the session.
The main influence locally this week will be the RBA Interest Rate announcement tomorrow at 2.30 pm AEST, with rates broadly expected to be either unchanged or dropped by 25 points. Until then there is not likely to be any catalyst for a continuation of momentum from the previous sessions.
Contact your Freeman Fox Stockbroker on 07 3031 9960 or 1800 003 369 Ext 7.
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