No more half measures
May 11th, 2010 by Bryden Elssmann
Closing Data
| Current | Change | % | |
|---|---|---|---|
| Dow Jones | 10,785.14 | 404.71 | 3.9% |
| NASDAQ | 2,374.67 | 109.03 | 4.8% |
| S P 500 | 1,159.73 | 48.85 | 4.4% |
| FTSE 100 | 5,387.42 | 264.4 | 5.2% |
| Nikkei 225 | 10,530.70 | 166.11 | 1.6% |
| ASX 200 | 4,599.80 | 119.1 | 2.7% |
| COMEX Gold - Dec 09 | 1,200.80 | -9.6 | -0.8% |
| COMEX Silver - Sep 09 | 18.552 | 0.101 | 0.5% |
| COMEX Copper - Sep 09 | 322.35 | 7.9 | 2.5% |
| WTI Spot | 77.25 | 1.85 | 2.5% |
| AUD-USD | 0.9029 | 0.0014 | 0.2% |
| Aluminium | 2,104.50 | 39 | 1.9% |
| Copper | 7,165.50 | 293.5 | 4.3% |
| Lead | 2,081.00 | 102 | 5.2% |
| Nickel | 23,160.00 | 990 | 4.5% |
| Tin | 17,950.00 | 395 | 2.3% |
| Zinc | 2,116.00 | 71 | 3.5% |
Shares surged across the world yesterday, with the Aussie market posting its biggest one day gain this year, after European leaders and the International Monetary Fund created a $1.08 billion bail-out fund to help prevent problems in Greece triggering a European sovereign debt crisis. Fears that the sovereign debt problems in Europe could cause another liquidity crisis were eased by the announcement of a giant bailout fund on Sunday evening. The move by European policymakers pushed the markets higher, sparking a global rally in equities. After last week’s wipe-out of gains made in 2010, the Dow Jones closed up 404 points or 3.9% to 10,785 its biggest daily gain since March 2009.
Risk currencies such as the Aussie dollar strengthened yesterday, boosted by news that European leaders had agreed on emergencey measures to help bolster confidence in the euro. The $A is trading higher at US90.08cents.
The Australian market is poised to open stronger this morning following strong offshore leads, the SPI is currently trading up 58 points to 4668 points. Base metals and commodities were all higher, with spot Oil up 2.45% to US$77.25 a barrel. For clients who have been waiting to sell calls over their holdings, namely FMG, WPL & NCM, today may prove an opportunity to lock in some premium for May. Please don’t hesitate to call your Freeman Fox broker 07 3031 9960.
Contact your Freeman Fox Stockbroker on 07 3031 9960 or 1800 003 369 Ext 7.
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