ASX200 Stock and CFD Report 28-7-09

View Full Report

The SFE Futures up 5 points overnight. BHP and RIO up in ADR form overnight, up 0.54% and 0.59%. BHP up 1.54% in the UK, RIO up 0.93%. BHP closed at the equivalent of 3755c, down 30c on last night’s close. Metals up – Copper up 1.40%, Nickel up 1.14%, Zinc up 0.96%, Aluminium up 0.73%. Oil price up $1.38c or 2.06% to $68.34. Gold up 40c to $953. Bonds down – 10 year yield at 3.713% up from 3.670%. A$ up to 82.32c versus 81.80c since yesterday morning. CRB Commodities index up 0.2%. VIX Volatility Index up 5.15% to 24.28.

Financials up 1.5%. Strong night for US banks Bank of America Corp, Wells Fargo & Co and JP Morgan Chase & Co. Banking index up 3.1% despite a Wall St Journal article that lending was down 3% in the 2nd Q as bank lending standards rise. Copper price hit highs last seen in October on the robust US new home sales. The London Metals Index, a gauge of six industrial metals including copper, aluminium and tin, has jumped 55% in 2009 to date. Energy sector up on the oil price rise. US gasoline prices rose for a tenth successive trading day.

Bernanke gave a presentation and answered a few questions. He said he would not be the FOMC Chairman to preside over the second Great Depression and that the jobless rate would remain high even as the US came out of recession. A weak US$ helped commodities to a small rise. Oil and gas prices up. US$ close to 2009 lows. Bit of a bland night for US results. Mostly a bit disappointing. In the Media sector in the UK, Pearson Plc, owner of the Financial Times, jumped 12% after reporting higher first half earnings. The US$ LIBOR rate went under 0.5% for the first time providing further evidence that credit markets were freeing up.

The market is continuing its good run. It is up 23 and closed higher yesterday (up 50) for the 10th consecutive session. The SFE Futures were up 5 this morning.

Related Posts:

1. ASX200 Stock and CFD Report 14-8-09
2. ASX200 Stock and CFD Report 4-8-09
3. ASX200 Stock and CFD Report 17-8-09
4. ASX200 Stock and CFD Report 09-09-09
5. ASX200 Stock and CFD Report 10-8-09
6. ASX200 Stock and CFD Report 19-8-09
7. ASX200 Stock and CFD Report 7-8-09