Yesterday, the S&P/ASX 200 finished down by 1% (45 points), closing at 4,524.10. Thanks to the lead in from the States, the Aussie market has opened up this morning.
The Reserve Bank of Australia meets for the first time this year, and unless you have been living under a rock, it’s widely tipped that they’ll increase the base rate by 25 basis points to 4%. The announcement will be made at 2.30pm so watch the market for the reaction.
In the Northern Hemisphere overnight, the Dow Jones Industrial Average closed up by 118 points, ending the session at 10,185.53.
US President Obama has announced further plans to ‘stimulate’ the economy, releasing details on a USD$100 billion package for ‘job creation’ and of course, higher taxes for the wealthy. The purpose of the higher taxes is to reduce the widening deficit. Read more here.
On Friday in the UK, the FTSE was up 58 points to 5,247.41.
The Nikkei was up a tiny 6 points yesterday, finishing the trading session at 10,205.02.
The price of spot gold gained overnight, higher by USD$23 an ounce. A combination of lost faith in the US Dollar and the Fed keeping rates at near zero pushed the yellow metal up.
The price of spot gold in Australian dollars is trading at $1,241.53 while in US Dollars it is trading at $1,106.58. The price of silver in Aussie dollars is $18.74 and in US Dollars it is $16.70.
The Aussie dollar versus the US dollar is trading at USD$0.8913, and against the Japanese Yen JPY80.76
Crude Oil close up overnight, ending at USD$74.93, higher by 2.80%.
For the biggest movers on the market yesterday click here…
That’s all the market news I have for you this morning, see you tomorrow.
Shae.
