Tricom Today Stock Market Report 3-3-09

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The SFE Futures suggested a 78 point fall in the market. BHP and RIO both down heavily in ADR form overnight – 7.85% and 9.9% respectively. Metals all down overnight – Copper down 3.26%, Zinc down 2.39% and Aluminium 1.79%. Nickel down 4.50%. Oil price down 4% to $40.07. Three-day rally over on the deteriorating outlook for the world economy. Gold down $2.50 to $940.00. Bonds up with the 10 year yield down to 2.86%. A$/US$ down to 63.01c. The Bank of America’s CEO is saying the $20bn he borrowed from the government to buy out the failing Merrill Lynch last year was a ‘tactical mistake’.Materials and Energy stocks down 6.9% and 6.4%. The market is down 48 and in-line with the 87 point fall predicted by the SFE Futures this morning. It was down 97 at worst. Not a lot of company related news and no real theme this morning except everything’s down. One feature is Macquarie Group which has bounced from being down 4.8% to up 7.0% at its peak. No announcement and have yet to dig up a reason.
RBA Meeting Today – Decision at 2.30pm – Lots of opinions about what they will do. A Dow Jones newswire consensus of 18 economists suggest a consensus for a 25bp cut.

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