daytrade diaries... september 4, page-20

Good morning,

Wall Street staged a late-session rally Thursday, as investors piled into bank and technology shares following a three-day selloff on worries about the health of the economy.

The Dow Jones industrial average tacked on 64 points on Thursday after sliding 300 points since Friday. The biggest gains came in the final half-hour as some traders looked to buy ahead of the jobs data. Economists expect the unemployment rate to edge up to 9.5 per cent from 9.4 per cent, while the number of layoffs is expected to slow to 225,000 from 247,000.

Some analysts are saying "The key fundamental investors are looking for is continual improvement in the jobs market, and today's jobs numbers weren't very positive,"

LONDON - European stock markets closed mostly lower as cautious investors refused to be impressed by largely positive data suggesting the global economy is finally on the mend.

In London, the FTSE 100 index of leading shares fell 20.8 points, or 0.43 per cent, to 4796.75.

FRANKFURT - The DAX lost 18.42, or 0.35 per cent, to settle at 5301.42.

PARIS - The CAC 40 index declined 19.62 points, or 0.55 per cent, to close at 3553.51.

Benchmark crude for October delivery fell nine cents to settle at $US67.96 a barrel on the New York Mercantile Exchange. In London, Brent crude dropped 54 cents to settle at $US67.12 on the ICE Futures exchange.

The Australian share market is likely to open higher after US stocks and metals prices gained overnight.

At 0658 AEST on the Sydney Futures Exchange, the September share price index contract was 28 points higher at 4460.
Babcock and Brown Infrastructure

No news just yet on the rescue of ports operator Babcock & Brown Infrastructure, with a final agreement not expected until around October. BBI is nevertheless set to at least announce that it's seeking a recapitalisation proposal when it comes out of a halt today. The Financial Review is tipping that Brookfield Asset Management, the Canadian owner of Multiplex, could be key to that recapitalisation. Yesterday, Breakfast Deals reported that the money was on Texas Pacific Group to be BBI's cornerstone investor. Either way, a recapitalisation supported by a strong cornerstone backer could do for BBI what Warburg Pincus did for Transpacific Industries. Plus, there will be several more weeks of tooing-and-froing before any deal is clear. Macquarie Capital, Credit Suisse and Gresham Partners are advising.

Gold up 19.2 to US$997.70 an ounce
Silver up 92.5c to US$16.29 an ounce
Copper up 3.9c at US$2.8650 a pound

http://www.marketwatch.com/
http://www.thebull.com.au/
http://www.news.com.au/business/

Did you know?

- Stop losses
Always trade with stop losses - period. It is your number one safety measure and can make the difference between losing your shirt and surviving. Set your stop loss to what you feel comfortable losing and never leave it till the next day.