ASX Stock and CFD Report 25-6-09

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The SFE Futures suggested a 22 point rise in the market this morning. BHP and RIO both up in ADR form overnight, up 0.35% and 2.45%. BHP closed at the equivalent of 3401c, up 27c on last night’s close. Metals well up – Copper up 5.27%, Nickel up 6.13%, Zinc up 6.25%, Aluminium up 3.50%. Oil price down 1% or 67c to $68.14. Gold up $10 to $934. Up 1.1%. Bonds down – 10 year yield at 3.685% down from 3.640%. A$ up to 79.64c. VIX Volatility Index down 5.0% to 29.05.

Materials sector (Resources) +0.8%. Monsanto down 4% on results. Not good for NUF or IPL here. Energy sector weak. Oracle results better than expected with upped guidance. Tech stocks up including Apple, Cisco and Intel.Durable goods orders stronger than expected: Actual 1.8%, consensus -0.9%, prior 1.8% (revised from 1.9%). Durable goods orders ex transport: Actual 1.1% consensus -0.5%, prior 0.8%. New home sales weaker than expected: Actual 342K down 0.6%, consensus 360K up 2.3%, prior 344k (revised from 352K). Housebuilders down on the fears for higher mortgage rates and the weaker home sales numbers.Big 5 year Bond Auction went well – The $37bn 5-yr auction went well with the high yield hitting at a lower 2.700%, with a solid 2.58 bid-to-cover and a huge, near high, 62.8% indirect bidder participation rate. The previous 5-yr auction, a smaller $35bn in late May, versus this $37bn, went off when rates were significantly lower, near 2.310%, with a bid-to-cover of 2.32 and an indirect bidder participation rate of 44.2% against the 5-yr auctions in 2009 average of 2.15 and 37.7%.

The market is up 17. The SFE Futures predicted a 22 point rise in the market this morning. FOMC left rates unchanged at 0.00%-0.25%. Unanimous decision. Some disappointment that they didn’t do anything extra to pump the economy or the bond markets.

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