Tuesday, June 29, 2010

[cpsnewswire] [ASX Morning Update, Tuesday, June 29, 2010]

Shares poised for early retreat

June 29 (BusinessDay) Australian markets are expected to open lower today after mixed leads on overseas equity markets and lower prices for key commodities including gold and oil.

On the Sydney Futures exchance, the SPI 200 share futures index was down 19 points to 4358 points. Yesterday, the benchmark S&P/ASX200 index ended off 28.5 points, or 0.6 per cent, lower at 4384.5, while the broader All Ordinaries fell 29.7 points, or 0.7 per cent, to 4409.7. A trading glitch during the day sent shares briefly spiking.


Australian dollar
hovers at 87.3 US cents
Wall Street ends flat
Gold futures were down $US18 to $US1238 an ounce
Oil futures eased to $US78.20 a barrel


Overseas markets

US stocks ended slightly lower on Monday as gains in consumer-related stocks, including tobacco shares, were offset by losses in the energy sector.

The Dow Jones industrial average dropped 5.29 points, or 0.05 per cent, to 10,138.52. The Standard & Poor's 500 Index slipped 2.19 points, or 0.20 per cent, to 1,074.57. The Nasdaq Composite Index shed 2.83 points, or 0.13 per cent, to 2,220.65.

The S&P Consumer Staples index advanced 1.1 per cent.


European stock markets, meanwhile, recorded solid gains on Monday, powered by a better-than-expected rise in US consumer spending.

The London FTSE 100 index rose 0.50 per cent, or by 25.21 points, to close at 5,071.68. In Germany, the DAX added 86.62 points, or 1.43 per cent, to 6,157.22 and in Paris, the CAC 40 added 56.72 points, or 1.61 per cent, to finish at 3,576.45.

Oil, gold

Oil prices fell on Monday as tropical storm Alex appeared on course to spare energy platforms in the Gulf of Mexico, easing supply concerns that have underpinned prices.

Gold prices retreated after investors interpreted a pledge by world leaders to slash budget deficits as a sign that interest rates could rise and hurt demand for the metal.


August gold closed down $US17.60 at $US1,238.60 per fine ounce on the Comex division of the NY Mercantile Exchange.

Other metals followed gold lower. September silver dropped 43.4 cents, or 2.3 per cent, to settle at $US18.718 an ounce. 

September copper fell 2.15 cents to $3.0895 a pound.


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