Markets poised for a swing
April 27th, 2009 by Cale McCulloch
Closing Data
| current | change | % | |
|---|---|---|---|
| Dow Jones | 8076.29 | 119.23 | 1.5% |
| NASDAQ | 1694.29 | 42.08 | 2.5% |
| S P 500 | 866.23 | 14.31 | 1.7% |
| FTSE 100 | 4155.99 | 137.76 | 3.4% |
| Nikkei 225 | 8707.99 | -139.02 | -1.6% |
| SPI Futures | 3775 | 43 | 1.2% |
| All Ords | 3,668.20 | -27.6 | 0.8% |
| Oil | 50.65 | 2.19 | 4.5% |
| Gold | 914.1 | 7.5 | 0.8% |
| Silver | 12.92 | 0.165 | 1.3% |
| Aluminium | 1416.5 | -10 | -0.7% |
| Copper | 4362 | -179 | -3.9% |
| Lead | 1410.5 | -51 | -3.5% |
| Nickel | 11050 | -360 | -3.2% |
| Tin | 12700 | -70 | -0.5% |
| Zinc | 1383.5 | -38.5 | -2.7% |
Markets climbed on Friday night following better than expected company results from Ford on tighter cost controls. New home sales fell yet again in April, but the median price of homes sold did climb, which is good news for the battered property sector. The white paper for the U.S. Government’s stress test looks as though it may have created some confusion in the markets as a result of the details being to much to comprehend during trading. This may lead to some swings in the U.S. futures throughout the Asian trading day now that investors have had time to further consider the implications of the methodology for this test.
The stress test will essentially take into account what the Government considers to be both a likely result for the U.S. economy in terms of forecasts for growth and credit markets over the next couple of years, as well as a worst case scenario for the economy. The results from the test are likely to mean some of the smaller regional banks will need to raise capital. The results of the stress test are set to be released on the 4th of May.
Commodities climbed throughout the session which should give some support to the big miners on the local market. Oil prices rebounded some USD 2 per barrel to close at $50.65 while Gold managed to hold on to gains from the Asian session to close at USD 914 per ounce.
On the local market this week, we have the Bank reporting season which gets under way tomorrow with NAB first to report half year results. It is widely expected that NAB will report adjusted earnings just over $2 billion, while ANZ should come in at $1.2 billion.
The SPI has us opening up 43 points this morning, but expect a swing.
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.