I got it from the Commsec morning report. See below
STOCKMARKET REPORT NOW UPDATED THREE TIMES A DAY
MORNING REPORT
7.30am AEST
US factory orders rose by a better-than-expected 0.6pct in May boosted by aircraft orders. Excluding transportation, new orders were up by 0.4pct. According to ADP Employer Services, US private sector employers cut 79,000 jobs in June.
US sharemarkets fell sharply on Wednesday following a negative broker report on General Motors. Merrill Lynch believes GM may have to raise $15 billion in capital and can’t rule out the automaker filing for bankruptcy. Shares in GM fell by 15.1pct to a 54-year low of US$9.98. The Dow Jones lost 166pts or 1.5pct while the Nasdaq lost 53pts or 2.3pct.
European coal prices fell 10pct in what traders say is a longawaited correction, triggering falls in coal and mining stocks across the globe. Shares in BHP-Billiton lost 4.4pct in London with ADRs sliding 6.2pct in New York.
US treasuries rose on Wednesday (yields lower) as investors abandoned stocks for the relative safety of government bonds. US 10yr yields fell by 4pts to 3.97pct while US 2yr yields fell by 6pts to 2.60pct.
The US dollar fell on Wednesday as US share prices fell and the European Central Bank prepared to lift interest rates. The Euro lifted from lows near US$1.5780 to US$1.5885, ending US trade near the day’s highs. The Aussie dollar rose from lows near US95.80c to highs around US96.50c, and ending trade near US96.15c. And the Japanese yen eased from around 105.75 yen per US dollar to JPY106.75, before retracing all the way back to JPY105.85.
Crude oil prices rose to fresh record highs on Wednesday. US crude oil inventories fell by 2 million barrels in the latest week to the lowest levels since January. And a weaker greenback also served to buoy energy prices. The August Nymex crude oil quote rose by US$2.60 or 1.8pct to US$143.57 a barrel. London Brent crude rose by US$3.59 or 2.6pct to US$143.57 a barrel.
Base metal prices were again mixed on the London Metal Exchange on Wednesday. But the stand-out was copper, up 1.2pct to record highs, supported in part by fears that the strike in Peru was likely to widen. But lead lost 3.3pct with zinc down 3.2pct. The price of gold also continued to rise with a higher oil price offsetting early profit-taking. The August Comex gold contract rose by US$2.00 an ounce to US$946.50.
Ahead: In Australia, international trade data is released. In the US, non-farm payrolls data is due together with the ISM services index (markets closed Friday for July 4 holiday). In Europe, the European Central Bank meets to decide interest rates.
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News and Research > Economic Research > Daily Report
Craig James
CommSec Chief Equities Economist
This commentary is a general account of the day's trading and is not intended to be taken as a recommendation to buy, hold or sell any particular stock.
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