Wednesday, 8th July 2009 Morning Wrap
Presented by Michael Hevern
MDSFinancial
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or
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General Advice Only
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In this morning’s wrap…
DOW: down 1.9%
SP500 Corporate Earnings to Fall by 36%
NASDAQ: down 2.3%
Merrill: Likes Chipmakers for Cyclical Rebound
FTSE: Down 0.2% (10 Week Lows)
Factory Production Declines 0.5% (1st in 3 Months)
DAX down 1.2% & CAC down 1.1%
NIKKEI: down 0.3%
Japan: BoJ Needs to Supply Further “Emergency” Funding
Hang Seng down 0.7%
Oil: Down 1.8% ($62)
CFTC: Tighter Controls Over Speculators;
Possible Double Top
Gold: up 0.4% ($928)
Commodities Lower;
USD Higher
SPI down 62 (1.7%)
SPI: Critical Level(s): 3850 to 3600
ASX News
RBA – leaves rates on hold
Jobs – reports this week expect 5.9% unemployment (vs 5.6% previously)
RIO – missing 4 negotiators in China
ABB – cuts 2009f profits by 32% ($10m)
AMC – close finalising $1.2bn capital raising
OSH/STO – Korea Gas (World #1 LNG buyer) & Mitsubishi Corp to jointly buy stakes in LNG plants (Australia/Canada)
Materials & Energy stocks to weigh;
Banks to weigh
ASX – to open lower;
US & UK – negative lead;