Good Morning Ladies and Gentlemans
The Dow giveth the Dow taketh away as Deutsche Bank with its usual troubles and travails
gave people in the financial sector the jitters. Their own shares finished down 9% on the NYSE
and a government bailout is apparently not out of the question. Meanwhile the Dow gave back most
of the 'Hillary Rally' to finish down 195.79 points. Our own futures look a little grim I must say, minus
35 as I write.
Everybody's new best friend OPEC sparked a further rally in Oil by reaching agreement to recommend
production cuts for all members except Iran in November. Brent Crude climbed 1.1% and WTI 1.6%.
Goldman Sachs sees this adding around ten bucks a barrel to Oil prices whilst other bankers point to
a poor record of execution of these agreements as a reason to remain wary of any actual supply cuts taking place.
Nonetheless its 8 years since that mob agreed on anything so its a change at least.
Gold is up off its lows to be trading at 1729.95 AUD.
Base Metals: Lead went off its nut last night to finish 3.4% higher while Nickel dumped badly to finish 2.54% lower.
Copper was up 0.54% and Zinc added 1.39%. A rich and varied lot are the base metals gang.
So, I missed a lot of yesterdays session through work commitments but it looks like a lot of you had a ripping good time. Fair play to you all. Try not to give any of it back and tonight, wherever you might be, when kicking back with a gallon of your favourite tipple, raise your glass(something I did a few too many times last night - these country people - I tellya
) and raise a toast to one Maxwell Henry Norman Walker. Big Maxie, a bowler of toil and yore, he bowled his heart out for us he did and won us some tests we never should've. Good one mate.
RJ.
