Renewed concerns drive market lower
May 22nd, 2009 by Bryden Elssmann
Closing Data
| current | change | % | |
|---|---|---|---|
| Dow Jones | 8292.13 | -129.91 | -1.5% |
| NASDAQ | 1695.25 | -32.59 | -1.9% |
| S P 500 | 888.33 | -15.14 | -1.7% |
| FTSE 100 | 4345.47 | -122.94 | -2.8% |
| Nikkei 225 | 9264.15 | -80.49 | -0.9% |
| SPI Futures | 3775 | -62 | -1.6% |
| All Ords | 3,805.00 | -4.1 | -0.1% |
| Oil | 60.49 | -0.96 | -1.6% |
| Gold | 951.2 | 13.8 | 1.5% |
| Silver | 14.445 | 0.165 | 1.2% |
| Aluminium | 1430 | -22 | -1.5% |
| Copper | 4504 | -35 | -0.8% |
| Lead | 1420 | -16 | -1.1% |
| Nickel | 12300 | -135 | -1.1% |
| Tin | 13705 | -295 | -2.1% |
| Zinc | 1443 | -6 | -0.4% |
Australian stocks are set to fall on Friday on concern over the health of the global economy after Wall Street tumbled on concerns the U.S. could follow the UK in seeing its credit outlook downgraded. U.S. shares sank after continuing jobless claims reached a new record high and Standard & Poors warned it may downgrade the UK’s AAA credit rating. Overall, the Dow closed down 129.91 points, or 1.54 per cent, at 8292.13, including a slide of $US1.76, or 4.7 per cent, to $US35.54 for Caterpillar and a decline of US39 cents, or 4.1 per cent, to $US9.10 for Alcoa.
The Australian dollar held steady above $0.77 on Thursday, bolstered by a weak U.S. dollar, with traders expecting a push back towards a near eight-month high of more than $0.78 as the U.S. currency weakens further.
Base metals were all lower overnight, falling between 2.8 and 4.9% which weighed on Miners and will flow through to weakness in the sector this morning. Oil did well to hold on to the gains of recent weeks, closing down just 1.5%, which keeps it above USD 60 per barrel. Gold continued it’s climb on renewed safe haven buying as the US dollar continued to weaken.
Australian shares could open lower after fresh economic worries triggered falls on Wall Street and in commodity markets. The SPI fell 57 points to 3780 overnight, suggesting the S&P/ASX 200 could fall a further 1.5 per cent today.
Have a good weekend.
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.