Tricom Today ASX Stock Market Report 25-3-09

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The SFE Futures suggested a 25 point fall in the market. BHP and RIO both down in ADR form overnight – 5.37% and 2.10% respectively.(BHP closed at the equivalent of 3273c, down 109c on yesterday’s close.) Metals all down overnight Copper down 2.09%, Zinc down 1.39% and Aluminium down 2.28%. Nickel down 1.02%. Oil price up 0.6% to $53.36. Gold down $29.00 to $923.50. Bonds down slightly with the 10 year yield up to 2.7073%. A$/US$ flat overnight at 69.55c. Financials down 6.5% – Citigroup down 3.5%, Bank of America down 7.2%. JP Morgan down 8.6%. The economy still has problems with excessive debt – The unemployment rate sits at 8.1% – the highest level since the early 1980’s, House prices continue to fall. consumers refuse to spend and credit markets remain tight.

Treasury’s Geithner asked Congress to provide him with the power to safely dismantle large financial companies that pose a major risk to the economy. The SEC are still considering the modification to the “uptick rule” with regard to shortselling stock, with pressure from exchanges like the NYSE and the NASDAQ for changes to be made. Energy stocks down 2.2% despite a rebound in crude oil futures.Tech stocks down 1.6%. Some of the large names fell harder – Microsoft and Intel both down over 2.5%. The market is up 29 outperforming the 25 point fall predicted by the SFE Futures this morning. BHP and RIO down 1.9% and 0.5%. Financials and property both up – banks all up despite US financials down 6.5% – NAB outperforming – up 4.4%. Macquarie Group down 1.8% today – A couple of brokers suggest it has done its dash – Both Royal Bank of Scotland and Citi cut their recommendation to Hold from Buy due to its recent outperformance. The stock is up 47% so far this month.

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