ASX200 Stock and CFD Report 7-7-09

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The SFE Futures fell 1 point overnight. BHP and RIO both down in ADR form overnight, down 5.36% and 6.47%. BHP closed at the equivalent of 3182c, down 80c on last night’s close. Metals mixed - Copper and Nickel down .2% and 1.6%, Zinc and Aluminium up .9%. Oil price down a big 3.9% or $2.62 to $64.06 on the poor jobs numbers last week and a growing realisation that we are not going to get a V-shaped recovery. Gold down $6.70 to $924. Down 0.72%. Bonds down in light volume – 10 year yield at 3.506% up from 3.495%. A$ at 79.61c…down from yesterday morning. US dollar index fell 0.1%. VIX Volatility Index up 3.76% to 29.00.

The RBA is expected to leave interest rates on Hold at 3% when it decides on interest at 2:30pm later today. June ISM index a bit better than expected but rather than suggest recovery does little more than suggest the recession is slowing. Resources down -  Materials stocks down 0.7%. Despite the headline rise in the Dow there were big falls in most major resources stocks. Alcoa down 6% ahead of results tomorrow. Results will be after hours in the UD session tonight. The CRB Commodities index fell 2.3%. Financials up 0.8% having been down 1%. Big drop in the oil price again - 5th fall on the trot – it is down 12.5% from a high of $73.18 three weeks ago to $64.06. Energy sector down 1.2%.

The market is down 9. The SFE Futures were down 1 overnight. The RBA is expected to leave interest rates on Hold at 3% when it decides on interest rates at 2:30pm today. The AIG-HIA performance of construction index fell 4.3 points in June from May to 42.6, below the 50-point mark which separates contraction from expansion. It is the 16th consecutive month that it has gone backwards.

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