GOOD MORNING ALL, PJ HLL,...HERE'S AN OVERNIGHT MARKET UPDATE?...

GOOD MORNING ALL, PJ HLL,...
HERE'S AN OVERNIGHT MARKET UPDATE

? The Australian SPI 200 Mar 10 futures contract was down 47 points or 1.0% to 4499.

? Australian bond futures moved in line with US Treasuries yet underperforming at the long end of the curve. The implied yield on 3-year bond futures was down 4bps to 4.810% (price up 4bps to 95.190) and the implied yield on the 10-year bond futures lost 1bps to 5.440% (price up 1bps to 94.560).

? It was a positive night for the USD on Friday after reports showed that Q4 US GDP rose at its fastest pace in six years, with consumer confidence also improved. EUR/USD declined steadily, dipping below the crosses 6-month low of 1.3865 and opening Monday morning weaker at 1.3860. GBP/USD dipped sharply on Friday, starting the week lower around 1.5950. USD/JPY traded as high as 90.93 but later pared some gains to open lower at 89.90.

? US bond yields fluctuated on Friday after the US Fed upgraded its outlook on economic recovery and a US government report showed the US economy grew at the fastest pace in six years. The yield on 2-year notes declined 5bps to 0.812%, whilst the 10-year yield fell 5bps to 3.584%.

? US equities declined on Friday as concerns over the outlook for Technology Company earnings overshadowed the better-than-expected US economic data releases. The DJIA was down 0.5% to 10067, the S&P 500 fell 1.0% to 1074 and the Nasdaq was 1.5% lower at 2147.

? European equities ended higher on Friday as Bayerische Motoren Werke and Infineon Technologies raised their sales forecasts and the US economy expanded at the fastest pace since the third quarter of 2003. The DJ Euro Stoxx 50 gained 1.4% to 2777, the German DAX rose 1.2% to 5609 and the FTSE was 0.8% higher at 5189.

? The AUD weakened against major crosses on Friday. AUD/USD was trading marginally stronger during the first half of the overnight session on Friday reaching a high of 0.8964 but later fell sharply, trading around 0.8805 this morning. AUD/EUR opens lower at 0.6350 after a relatively flat session overnight. AUD/JPY opens weaker around 79.20 after falling in the latter half of the trading session. AUD/NZD opens lower at 1.2554, declining marginally on Friday.

? Crude oil fell to a five-week low as the US dollar strengthened against the euro, eroding the appeal of commodities. WTI futures contract for Mar 10 fell 1.0% to US$72.89 a barrel.

? Spot gold declined as the US dollar strengthened, eroding the appeal of the precious metal as an alternative asset. Spot gold declined 0.6% to US$1,080.85 an ounce.

? LME copper decreased 2.2% to US$6,745 as the US dollar?s rally reduced the investment appeal of commodities. Other base metal futures traded negative with zinc, aluminium and lead decreasing 2.2%, 1.4% and 1.6%, respectively. Nickel ended 0.8% higher.

? US corn and soybeans declined 1.5% and 1.9% as improving prospects for crops in South America eroded the appeal of supplies from the US. Wheat fell 2.7% as the US dollar strengthened. Sugar rose 3.1% on heightened concern about supply deficit. Palm oil futures were 0.4% lower.

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GOOD LUCK TO ALL TRADERS!