On Monday the S&P/ASX200 finished the day higher by 2.66% (119 points) closing to 4,599.80. The Aussie market is expected to continue this rally today after European Central banks agreed to buy Eurozone government bonds as a part of a US$1 trillion (AUD$1.1 trillion) rescue package. Read more here.
Don’t forget that ‘Kevin07′ and his team will be releasing his ‘no frills’ budget tonight at 7.30pm. Wayne Swan has warned that it won’t be a vote buying budget.
The Dow Jones Industrial Average defied gravity last night, closing higher by a whopping 3.90% (404 points) ending the day at 10,785.14.
Financial markets around the world reacted positively, or overreacted to Monday night’s rescue package. The CAC 40 added 9.66% and the DAX was up by 5.30%. The primary benchmark index for the equity market in Italy, the FTSE MIB was higher by giant 11%. And not to be outdone, the IBEX 35 in Madrid was up an enormous 14%.
But despite the reactions to the bailout news some analysts have said that it remains to be seen whether these debt loaded nations would be able manage their finances.
The FTSE finished the trading session at 5,387.42, higher by an impressive 5.16% or 264 points.
The Nikkei was up by 166 points (1.61%) to 10,530.70
The price of spot gold in Australian dollars is trading at $1,334.38 while in US Dollars it is trading at $1,202.79. The price of silver in Aussie dollars is $20.52 and in US Dollars it is $18.50.
The Aussie dollar versus the US dollar is USD$0.9015, and against the Japanese Yen JPY83.95.
Crude Oil closed at USD$77.27.
For the biggest movers on the market yesterday click here…
That’s all I have for you today, see you tomorrow.
Shae.
