The S&P/ASX200 closed at 4,830.30 down by 29 points. The materials sector had a weak performance yesterday, and a further decline is expected this morning on the back of the poor performance in the US overnight.
The Dow Jones Industrial Average closed at 9,867.96, a 104 point drop. Bank of America [NYSE: BAC] led the decline. BAC are trying to raise capital to repay the federal bailout but disagree on how much is actually needed to satisfy the regulators. Find out more about this story here:
In Europe the FTSE finished lower by 50 points to 5,191.74. The index dropped based on a weak wall street.
The Nikkei was up 79 points to 10,362.62.
The price of gold had its biggest fall in more than a week after a rebound from the US Dollar.
In Australian dollars is trading at $1,133.08, while in US Dollars it is trading at $1,038.69. And the price of silver in Aussie dollars is $18.65 and in US Dollars it is $17.09.
The Aussie dollar against the US dollar, currently trading at USD $0.9163. The Aussie dollar dropped overnight against the Japanese Yen, trading at JPY 84.52
Crude oil, slumped overnight, closing at USD$78.68
For the biggest movers on the market yesterday click here…
That’s it for the market update. See you tomorrow.
Shae.
{ 2 comments… read them below or add one }
Let’s not get too cockey about the value of our little Pacific Peso…
If you cast your minds back a few years you may remember a forex trader in Chicago who short sold so many of our well little dollars the fed had to start buying them up as our currency crashed. As far as I remember the RBA even flew a delegation up to have a little chat with him. Persoanlly I would have sent a wet team, but that’s just me.
Our currency is again being set up for a fall it’s only at the whim of such people we are so popular at the moment so it may be a good time to buy up US$ Pounds etc before we go crashing down again.
Just keep an eye on that barrel of crude and how much it costs, as with the worlds supply of guano exhausted oil based fertilizers will continue to sky rocket in price.
Now has anyone checked the Baltic Dry Index of late?
Yes, all this volatility only serves one purpose: it gives ample opportunitity for traders and speculators to keep draining the productive economy of its juices. It is hell, if you are trying to run a business. You are forced to speculate and punt just to keep it alive. It cannot be good, and it cannot end well.