Yesterday the S&P/ASX 200 bounced back, adding 82 points (1.87%) closing at 4,462.40. The market has opened in the red this morning.
Also in the news is the new ‘revised’ budget from Treasurer Wayne Swan. He is convinced that the budget will have three times the amount of surplus than his previous estimate. Back in May, Mr. Swan declared that there would be a budget surplus of $1 billion by 2012 – 13. Now, he’s saying that there’ll be a surplus of $3.1 billion by the same time.
Last night the Dow Jones Industrial Average ended the day higher by only 3 points, to 10,366.72. The minutes of the Federal Reserve Bank’s recent meeting were released and this showed that the members are worried about the current pace of the economic recovery.
The Fed has also downgraded their outlook for the economy. They’re expecting the economy to grow between 3% – 3.5% this year compared to the initial estimate of 3.2% – 3.7%.
More bad news for investors came in the form of June retail sales. Sales in the US fell 0.5%. A drop of only 0.2% was expected.
The FTSE ended a six day winning streak. The index closed at 5,253.52, lower by 17 points. Mining stocks dropped off ahead of China’s impending economic numbers due out Friday our time.
The Nikkei jumped up 258 points to 9,795.24.
The price of spot gold in Australian dollars is $1,317.07, while in US dollars it’s $1,208.84. The price of silver in Australian dollars is $20.74 and in US dollars it’s $18.25.
And this morning the Aussie Dollar has increased thanks to the negative view from the Fed which weakened the US Dollar.
The Aussie dollar versus US dollar is AUDUSD 0.8822 and against the Japanese Yen it’s AUDJPY 77.93.
Oil dropped overnight. Crude Oil closed at USD$77.93
For the biggest movers on the market yesterday click here…
That’s all I have for you this morning, see you tomorrow.
Shae.
{ 1 comment… read it below or add one }
Will work for food WTF:? Don’t get pissed, get even.
Public, non-cooporation is making the idocrat elite sweat, they are running scared, their Bilderberg plan is not working (out), uck them,
quit paying one red cent to bank credit cards, quit paying for inflated mortgages, quit buying crap, fire your bankster,
quit working your ass off for shit wages in a shit job,
non-cooporation is effective peacefull dissent,
now lets see who’s got who ?really by the ucking balls.?