Weak consumer Confidence weighs down market
July 1st, 2009 by Lawrence Grasso
Closing Data
| Current | +/- | % | |
|---|---|---|---|
| Dow Jones | 8447 | -82.38 | -1.0% |
| NASDAQ | 1835.04 | -9.02 | -0.5% |
| S P 500 | 919.32 | -7.91 | -0.9% |
| FTSE 100 | 4249.21 | -44.82 | -1.0% |
| Nikkei 225 | 9958.44 | 174.97 | 1.8% |
| US Bond 10 Yr | 3.5355 | 0.0577 | 1.7% |
| US Bond 30 Yr | 4.3304 | 0.0443 | 1.0% |
| COMEX Gold - Aug 09 | 927.4 | -13.3 | -1.4% |
| COMEX Silver - Jul 09 | 13.574 | -0.373 | -2.7% |
| COMEX Copper - Jul 09 | 225.8 | -5.45 | -2.4% |
| WTI Spot | 69.82 | -1.65 | -2.3% |
| Aluminium | 1616 | 0 | 0.0% |
| Copper | 5108 | 22.5 | 0.4% |
| Lead | 1730 | 21 | 1.2% |
| Nickel | 16010 | 230 | 1.5% |
| Tin | 14950 | 160 | 1.1% |
| Zinc | 1555 | 9 | 0.6% |
The Dow Jones Industrials fell 82.38 pts or .97% to 8447. Consumer confidence in the United States, the world's biggest energy consuming nation, sank in June as households worried about the prolonged recession and vanishing jobs.
Australian shares are set to retreat on Wednesday after a surprise fall in U.S. consumer confidence dimmed hopes of a quick global economic recovery and weighed down Wall Street.
Lower oil, base metals and bullion prices are seen pressuring miners, while domestically focused companies could be in for attention ahead of May retail and building approvals data.
Iron ore miners will also be in the spotlight after a media report said China could ease off its push for deep cuts in iron ore prices after China's steel mills and global miners failed to reach price agreement by June 30 deadline.
Furthermore we are looking for more consolidation on the banks, so for those clients that hold the stock in their portfolios look to sell calls for the month of July.
Contact your Freeman Fox Stockbroker on 07 3031 9960 or 1800 003 369 Ext 7.
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