ASX200 Stock and CFD Report 29-7-09

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The SFE Futures down 21 points overnight. BHP and RIO down in ADR form overnight, down 0.32% and 3.86%. BHP down 2.47% in the UK, RIO down 4.67%. BHP closed at the equivalent of 3725c, down 77c on last night’s close. Metals down – Copper down 1.38%, Nickel down 1.91%, Zinc down 1.19%, Aluminium down 0.39%. Oil price down $1.11c or 1.62% to $67.23. Gold down $14 to $939. Bonds up – 10 year yield at 3.688% down from 3.713% as $42bn of 2-yr bonds were auctioned. A$ up to 82.66c versus 82.32c yesterday morning. US$ basket at its lowest this year. CRB Commodities index down 0.9%. VIX Volatility Index up 3.01% to 25.01.

Consumer confidence numbers disappointed. 2nd fall on the trot. Case Shiller house price index better than expected. Home price index booked its first intermonth gain since mid 2006. There were some not so great results in the day’s batch of June quarter earnings announcements. Both Office Depot Inc (down 18%) and Coach Inc (down 1.34%) unveiled profits that fell short of analysts’ expectations. Retail sector one of the best….up 0.6%. Healthcare also up 0.2%. Biotechs up 2.2%. Energy sector down 1.5% on a lower oil price and as gasoline prices dropped for the first time in 11 trading days. Not helped by the July Conference Board consumer confidence index numbers and the latest American Petroleum Institute inventory report, which saw a 4m+ barrel gain in US crude stockpiles last week.

The market has staged a turnaround. It is down 3. We were down 27 on open. Macquarie Group has held its AGM this morning and provides not reason to believe the financial recovery isn’t on the way. MQG up 3% and up 5% from today’s low.

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