Wall Street Slides 2.5% on Friday Night
November 2nd, 2009 by Cale McCulloch
Closing Data
| Current | Change | % | |
|---|---|---|---|
| Dow Jones | 9712.73 | -249.85 | -2.5% |
| NASDAQ | 2045.11 | -52.44 | -2.5% |
| S P 500 | 1036.18 | -29.93 | -2.8% |
| FTSE 100 | 5044.55 | -93.17 | -1.8% |
| Nikkei 225 | 10034.74 | 143.64 | 1.5% |
| ASX 200 | 4,643 | 68.5 | 1.5% |
| COMEX Gold - Dec 09 | 1040.4 | -6.7 | -0.6% |
| COMEX Silver - Sep 09 | 16.255 | -0.4 | -2.4% |
| COMEX Copper - Sep 09 | 295.55 | -7.4 | -2.4% |
| WTI Spot | 77 | -2.87 | -3.6% |
| AUD-USD | 0.8997 | -0.015 | -1.6% |
| Aluminium | 1903 | 3 | 0.2% |
| Copper | 6575 | 150.5 | 2.3% |
| Lead | 2322 | 25 | 1.1% |
| Nickel | 18465 | 5 | 0.0% |
| Tin | 14755 | -645 | -4.2% |
| Zinc | 2195 | -12 | -0.5% |
The Australian Market looks set for its biggest sell off in some time on the open today following a 2.5% slide on Wall St Friday night. It was Bad news from the start on Friday, when a technical glitch at the open resulted in a slight delay to trading which led many commentators to blame excess sell orders being placed which put the bulls on the back foot from the bell. Consumer sentiment also fell in September by 0.5%. Although expected, it added to the concerns of investors. Some better than expected data came out of the University of Michigan consumer sentiment survey. Concerns about Citigroup’s balance sheet also weighed on the financials, while news that CIT group had moved into Bankruptcy Protection came through in the last 20 minutes of Trade.
Commodity markets were also shaken out on Friday, with Oil giving back 3.6% but Gold held its ground. Base metals were weaker across the board, falling between 2.3 and 4.9%.
All eyes will be on the RBA rate announcement tomorrow with the Central bank expected to increase rates by 25 points. We also have the US Fed open market committee statement on Monetary policy due to be released on Wednesday night. It is expected to keep the language in line with previous statements and hint at keeping rates at emergency levels for a prolonged period. We also have a range of economic data out this week on top of the Interest rate meeting including Building approvals, international trade, and retail spending.
The SPI has us opening some 141 down near 4500 on the index.
Contact your Freeman Fox Stockbroker on 07 3031 9960 or 1800 003 369 Ext 7.
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