Thurday's Opening Thread:
The Global Lead: The Australian share market is likely to open slightly lower this morning following small falls on Wall Street. The DJIA fell by The SPI 200 index is currently indicating an open around 7 points lower than yesterday. Commodity prices were again soft overnight as concerns about the global economy continued to take centre stage. The USD has broken through resistance which does not bode well for US equities in the short term so caution is still warranted.
The Scorecard from Wednesday
Markets
XJO -76.0 points, Down 1.6%
DJIA -15.6 points, Down 0.1%
FTSE +10.7 points, Up 0.2%
DAX +36.8points, Up 0.6%
Hangseng -478.6 points, Down 2.0%
Nikkei +115.0 points, Up 1.2%
Shanghai -55.7 points, Down 1.9%
Key Commodities
Gold -$4.00, Down 0.3%
Silver +$0.16, Up 0.6%
Oil USD-$2.07, Down 2.5%
Copper USD -$0.008 c/lb, Down 0.2%
Economic Data: Building permits came in slightly below expectations as did housing starts. The CPI m/m came in at 0/.0% versus an expected 0.1% increase.
Trading Themes: Yesterday was surprising in that there were some speculative stocks which made sharp moves on strong volume. I wasn't expecting so much conviction by traders following the 200 point fall on the DOW. MYG and CHF were the standout performers and based on their close they may move further again today.
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Thurday's Opening Thread:The Global Lead: The Australian share...
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