ASX200 Stock and CFD Report 14-7-09

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The SFE Futures up 58 points overnight. BHP and RIO both up in ADR form overnight, up 2.58% and 3.40%. BHP closed at the equivalent of 3291c, up 71c on last night’s close. Metals mixed – Copper up 0.8%, Nickel up 1.7%, Zinc down 3.7%, Aluminium down 0.8%. Oil price down 24c to US$59.69 to an eight week low. Gold up $10 to $922. Up 1.10%. Bonds down – 10 year yield at 3.346% up from 3.295%. A$ up to 78.41c versus 77.96c yesterday morning. CRB Commodities index up 0.1%. VIX Volatility Index down 9.34% to 26.31.

The US Financial sector rallied 120% from its March low to the May high. All sectors up overnight. Housebuilders underperformed. US budget deficit was above US$1 trillion for the first nine months of the current fiscal year (its now US$1.1 trillion). Nickel up as workers at Sudbury, Ontario Vale SA facility (one of the biggest nickel mines in the world) began a picket after knocking back new wage contracts In the UK insurer Friends Provident Plc rejected a 1.7bn pound scrip bid by Resolution Ltd. Porsche SE up on press reports that Qatar had offered to buy a stake. Budget statement – Budget deficit: Actual -$94.3B, Consensus -$77.5B, prior $33.5B UBS claims it is now in talks with US authorities to settle a lawsuit seeking the names of 52,000 American account holders suspected of using Swiss secrecy laws for the purpose of tax evasion.

Good day for the market. We are up 112. The SFE Futures were up 58 this morning. Resources performing strongly – both up 3% and all major banks doing well on the back of a 6.5% rise in the US Financial sector. The NAB Business Survey has come in better than expected and registered its first positive reading since December 2007. Business confidence up 6 to 4. Business conditions up 12 to minus 2.

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