Markets slide
January 8th, 2009 by Antony Ganzitti
Closing Data
| current | change | % | |
|---|---|---|---|
| Dow Jones | 8769.7 | -245.4 | -2.7% |
| NASDAQ | 1599.06 | -53.32 | -3.2% |
| S P 500 | 906.65 | -28.05 | -3.0% |
| FTSE 100 | 4507.51 | -131.41 | -2.8% |
| Nikkei 225 | 9239.24 | 158.4 | 1.7% |
| SPI Futures | 3567 | -114 | -3.1% |
| All Ords | 3,728 | 38.9 | 1.1% |
| Oil | 42.75 | -5.81 | -12.0% |
| Gold | 841.7 | -24.3 | -2.8% |
| Silver | 11.105 | -0.34 | -3.0% |
| Aluminium | 1575 | 6 | 0.4% |
| Copper | 3390.5 | 58.5 | 1.8% |
| Lead | 1177 | 12 | 1.0% |
| Nickel | 12515 | -905 | -6.7% |
| Tin | 11925 | -275 | -2.3% |
| Zinc | 1288.5 | 8 | 0.6% |
S&P/ASX200 expected to track overnight SPI futures, with an expected fall of around 70 points this morning. Stocks and commodity prices took a tumble across the globe as Wall Street reacted negatively from news of job cuts at Alcoa and a profit warning from Intel. Alcoa fell 10% after the aluminium maker said it was eliminating 15,000 jobs and a 50% cut in capital expenditure to cope with the prolonged recession. Chipmaker, Intel shed 6.1% with expectations that revenue will fall by 20% in the 4th quarter. Computer chips are to some extent the currency of commerce, just as steel once was, and analysts said the warning speaks volumes about the economic outlook worldwide. A private-sector survey from Automatic Data Processing foreshadowed more losses in the December jobs report which is expected Friday.
Macquarie Group MQG advised the market this morning that its banking subsidiary Macquarie Bank Ltd has signed an agreement to sell the bulk of its margin lending portfolio to Leveraged Equities, a wholly owned subsidiary of Bendigo and Adelaide Bank. The $1.5 billion loan portfolio will be acquired for a premium of $52 million.
Babcock & Brown yesterday reported that they were expecting a substantial negative asset position as of December 31 when they report their annual results. Citi Group has now dropped coverage of the stock with a ‘sub-investment grade’ rating.
BHP expected to fall this morning, after losing 7.5% in New York and 8% in London.
Contact your Freeman Fox Stockbroker on 07 3031 9960 or 1800 003 369 Ext 7.
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