daytrades march 25 pre-market, page-42

AAP
2010-03-24
The Australian dollar closed lower on Wednesday after the euro came under heavy pressure as European nations worked to resolve Greece's debt issues.

At 1700 AEDT, the Australian dollar was trading at $US0.9153/56 down 0.11 per cent from Tuesday's close of $US0.9164/66.

During the day, the local unit moved between $US0.9156 and $US0.9197.

Easy Forex senior dealer Francisco Solar said the Australian dollar traded in a narrow range in the domestic session after a quiet session on Asian markets.

"All eyes are very much on the situation in Europe and in Greece," Mr Solar said.

"There seems to be some sort of agreement there between France and Germany as to how to proceed with the backing of Greek debt and it looks like the IMF might get involved."

Greece said on Tuesday that the option of seeking help from the International Monetary Fund (IMF) had been "put to one side" in the hope that fellow European countries will this week overcome a political stalemate and agree on support measures.

Markets were awaiting the outcome of the European meeting later this week, Mr Solar said.

"It probably is an explanation as to why the euro has fallen to 10 month lows against the US dollar and ten year lows against the Swiss Franc which is weighing somewhat on the Aussie dollar."

He said the local unit continued to trade in the low end of the range.

Markets did not like the fact that the IMF might have to step in for a European Union nation such as Greece and would continue to punish the euro, thereby affecting the local unit in offshore trade, he said.

At 1600 AEDT, the RBA's trade weighted index (TWI) was at 71.5 points, up from Tuesday's close of 71.4

2010-03-25
The Australian market has received negative leads from overnight trading offshore, with Wall Street indices ending lower, along with oil and metals.

At 0708 AEDT on the Sydney Futures Exchange, the June share price index contract was 13 points lower at 4,892 points.

In economic news on Thursday, the Reserve Bank of Australia (RBA) Assistant Governor (economic), Philip Lowe, addresses the Australian Industry Group

The RBA also releases its Financial Stability Review, and the Australian Office of Financial Management conducts tenders for $600 million of Treasury notes maturing on 25 June 2010, and $300 million of Treasury notes maturing on 13 August 2010

In equities news, Brickworks Ltd and parent company Washington H. Soul Pattinson release first half results on Thursday.

The liquidator's examination of the directors of the failed Allco Finance Group Ltd continues in the Federal Court in Sydney.

The Global Iron Ore & Steel Forecast Conference continues in Perth, and the Australasian Oil & Gas Exhibition & Conference also takes place in Perth.

On Wednesday, the Australian share market finished firmer after robust trading across most sectors, with resources and healthcare stocks the standout performers.

The benchmark S&P/ASX200 index advanced 16.7 points, or 0.34 per cent, to 4,891.5 points, after trading as high as 4,911.1 points at 1342 AEDT.

The broader All Ordinaries index gained 15.3 points, or 0.31 per cent, to 4,903.2 points.

AAP
2010-03-25
NEW YORK - US stocks fell on renewed concerns about European debt problems and weakness in the housing market.

The drop comes after Fitch Ratings lowered Portugal's credit rating. The rating firm said the country's recovery would be slower than other countries that use the euro. Fitch contends that could hurt Portugal's ability to repay its debt.

In late afternoon trading, the Dow Jones Industrial Average was down 29.78 points, 0.27 per cent, at 10,859.05.

The tech-rich Nasdaq composite had fallen 11.15 points, 0.46 per cent, to 2,404.09 while the broad-market Standard & Poor's 500 index dropped 3.71 points, 0.32 per cent, to 1,170.46.

LONDON - European stocks ended broadly unchanged on Wednesday after rising and falling earlier in the day on the back of uncertainty on the outcome of Greece's debt crisis.

London's main FTSE 100 index rose 4.25 points, or 0.07 per cent, to 5,677.88 points.

FRANKFURT - The Dax added 21.73 points, or 0.36 per cent, to 6,039.

PARIS - The CAC 40 fell 2.74 points, or 0.07 per cent, to 3,949.81.

TOKYO - Japanese stocks closed up 0.38 per cent as investors took their cue from gains on Wall Street, helped by better than expected numbers on the US housing market.

The benchmark Nikkei-225 index added 40.88 points at 10,815.03.

HONG KONG - Hong Kong stocks closed 0.10 per cent higher on Wednesday in line with regional markets after a rally on Wall Street.

The benchmark Hang Seng Index ended up 20.84 points at 21,008.62.

WELLINGTON - Nuplex shares rose and Fletcher Building and Telecom shares fell, leaving the New Zealand market little changed overall on Wednesday.

The benchmark NZX-50 index closed up 4.36 points, or 0.14 per cent at 3,232.72. Turnover was worth $NZ72.68 million ($A55.97 million).