ASX Stock and CFD Report 3-7-09

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The SFE Futures fell 82 points overnight. BHP and RIO both down in ADR form overnight, down 3.46% and 3.35%. BHP closed at the equivalent of 3383c, down 47c on last night’s close. Metals down – Copper down 1.06%, Nickel down 0.26%, Zinc down 1.53%, Aluminium down 1.35%. Oil price down a big 3.8% or $2.64 to $66.68 on the weak jobs numbers. June Non-farm Payrolls and Unemployment Rate worse than expected – “US Economy not recovering” doesn’t exactly make a good headline. Gold down $10 to $931. Down 1.09%. Bonds up – 10 year yield at 3.495% down from 3.544%.VIX Volatility Index down 6.6% to 27.95.

The NYSE close was delayed 15 minutes because of so-called “connectivity problems”. Metals down as the US$ rallied. US $ up on Chinese comments (this time by the country’s Vice Foreign Minister) talking up its preference for a stable US$ and downplayed its recent calls for a new international currency ahead of next week’s G- 8 meeting.

Financials down 3.7%. All 40 stocks in the S&P 500 Energy Index went lower on a big drop in the oil price. The jobs data mostly the reason for the fall although total US daily fuel demand in the four weeks ended 26 June was 5.8% below year-ago levels, according to US Energy Department data. Bonds up with the 2-year Treasury note yield dropping under 1% for the first time since early June. The US Treasury intends to auction US$73bn in notes and bonds over next week.

The market is down 59 and improving. Down 73 at worst. We have the disappointing employment figures in the US overnight to thank for the poor finish to the week. Wall St. closed tonight for 4th July celebrations. Quiet day on the news front. Less than a month to go before reporting season kicks off. Centrebet (CIL) has hit a fresh yearly low this morning.

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