MORNING ALL - GREAT STOCK TO PICK - BCC IS GOING FOR 10...

MORNING ALL - GREAT STOCK TO PICK - BCC IS GOING FOR 10 TODAY!
OVERNIGHT MARKETS UPDATE
US bond yields rose sharply overnight after the US sold $42bn of five-year notes at a yield of 2.605%, compared with an average estimate of 2.556%. Fitchs downgrade of Portugals credit rating appeared to impact all sovereign debt as US swap spreads continued to fall. The yield on 2-year notes gained 11bps to 1.087%, whilst the 10-year yield surged 15bps to 3.833%.
Australian bond futures moved broadly in line with US Treasuries. The implied yield on 3-year bond futures was up 9bps to 5.450% (price down 9bps to 94.550) and the implied yield on the 10-year bond futures gained 11bps to 5.825% (price down 11bps to 94.175).
US equities declined after Fitch ratings cut Portugals credit rating, triggering speculation that government deficits would hamper a global recovery. Economists forecast that Greece would default also weighed on the markets. The DJIA was down 0.4% to 10836, the S&P 500 declined 0.5% to 1168 and the Nasdaq was 0.6% lower at 2399.
European stocks were little changed as Fitchs downgrading of Portugals credit rating offset increases in the regions service and manufacturing industries and German business confidence. The DJ Euro Stoxx 50 lost 0.2% to 2904, the German DAX rose 0.4% to 6039 and the FTSE was 0.1% higher at 5678.
The Australian SPI 200 Mar 10 futures contract was down 10 points or 0.2% to 4895.
It was a positive night for the USD against major crosses. EUR/USD fell to its 10-month low after Portugal credit downgrade, the cross opens the morning weaker at 1.3315. GBP/USD opens lower at 1.4870, weakening on speculation that Britains plan to cut their budget deficit may be too optimistic. USD/JPY opens higher around 92.30 after gaining steadily.
It was a mixed night for the AUD after Portugals downgrade reduced investor appetite for higher yielding assets. AUD/USD opens weaker at 0.9088 falling from its overnight high of 0.9180. AUD/EUR opens above 0.6810 after a whippy session. AUD/JPY trades higher at 83.75, rallying late in the night and the AUD/NZD pair opens Thursday marginally lower at 1.2930.
Crude oil declined after a report showed that US oil inventories increased more than expected. The strengthening USD also reduced the appeal of oil. WTI futures contract for May 10 fell 1.7% to US$80.50 a barrel.
Spot gold declined as a stronger USD reduced the appeal of the precious metal as an alternative investment. Spot gold dropped 1.7% to US$1,086.70 an ounce.
LME copper fell 0.9% to US$7,371 as the strengthening USD reduced the demand for metals. Other base metals traded negative with zinc, aluminium, lead and nickel decreasing 1.3%, 1.6%, 3.7% and 1.1%, respectively.
US soybeans and wheat declined 0.8% and 0.2% on speculation that the strengthening USD would reduce export demand from the US. Corn and sugar rose 0.6% and 6.6%, respectively, despite a stronger USD. Palm oil futures were 1.2% lower.

OVERNIGHT MARKETS UPDATE
US bond yields rose sharply overnight after the US sold $42bn of five-year notes at a yield of 2.605%, compared with an average estimate of 2.556%. Fitchs downgrade of Portugals credit rating appeared to impact all sovereign debt as US swap spreads continued to fall. The yield on 2-year notes gained 11bps to 1.087%, whilst the 10-year yield surged 15bps to 3.833%.
Australian bond futures moved broadly in line with US Treasuries. The implied yield on 3-year bond futures was up 9bps to 5.450% (price down 9bps to 94.550) and the implied yield on the 10-year bond futures gained 11bps to 5.825% (price down 11bps to 94.175).
US equities declined after Fitch ratings cut Portugals credit rating, triggering speculation that government deficits would hamper a global recovery. Economists forecast that Greece would default also weighed on the markets. The DJIA was down 0.4% to 10836, the S&P 500 declined 0.5% to 1168 and the Nasdaq was 0.6% lower at 2399.
European stocks were little changed as Fitchs downgrading of Portugals credit rating offset increases in the regions service and manufacturing industries and German business confidence. The DJ Euro Stoxx 50 lost 0.2% to 2904, the German DAX rose 0.4% to 6039 and the FTSE was 0.1% higher at 5678.
The Australian SPI 200 Mar 10 futures contract was down 10 points or 0.2% to 4895.
It was a positive night for the USD against major crosses. EUR/USD fell to its 10-month low after Portugal credit downgrade, the cross opens the morning weaker at 1.3315. GBP/USD opens lower at 1.4870, weakening on speculation that Britains plan to cut their budget deficit may be too optimistic. USD/JPY opens higher around 92.30 after gaining steadily.
It was a mixed night for the AUD after Portugals downgrade reduced investor appetite for higher yielding assets. AUD/USD opens weaker at 0.9088 falling from its overnight high of 0.9180. AUD/EUR opens above 0.6810 after a whippy session. AUD/JPY trades higher at 83.75, rallying late in the night and the AUD/NZD pair opens Thursday marginally lower at 1.2930.
Crude oil declined after a report showed that US oil inventories increased more than expected. The strengthening USD also reduced the appeal of oil. WTI futures contract for May 10 fell 1.7% to US$80.50 a barrel.
Spot gold declined as a stronger USD reduced the appeal of the precious metal as an alternative investment. Spot gold dropped 1.7% to US$1,086.70 an ounce.
LME copper fell 0.9% to US$7,371 as the strengthening USD reduced the demand for metals. Other base metals traded negative with zinc, aluminium, lead and nickel decreasing 1.3%, 1.6%, 3.7% and 1.1%, respectively.
US soybeans and wheat declined 0.8% and 0.2% on speculation that the strengthening USD would reduce export demand from the US. Corn and sugar rose 0.6% and 6.6%, respectively, despite a stronger USD. Palm oil futures were 1.2% lower.

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