In Australia, the Performance of Services index is released. In the
US, trade data is expected together with the ADP employment report and
the minutes of the last Federal Reserve meeting.
OVERNIGHT MARKETS
US Equities
US sharemarkets fell again on Tuesday. Economic data was weaker-than-
expected, lower oil prices weighed on energy stocks and investors
continued to fret about the European economy. At the close of trade, the
Dow Jones was lower by 130 points or 0.8%, after earlier being down 239
points. The S&P 500 index was down by0.9% and the Nasdaq was down
by 60 points or 1.3%.
US longer-term treasuries rose sharply again on Tuesday (yields
lower). Another fall in the oil price and weaker-than-expected economic
data prompted buying of Treasuries, especially given further weakness in
equities. US 2 year yields fell by 4 points to 0.629% while US 10 year
yields fell by 9pts to 1.947%.
Major currencies were again mixed against the greenback in European
and US trade on Tuesday. The Euro fell from highs near US$1.1970 to lows
near US$1.1885, and was around US$1.1895 in afternoon US trade. The
Aussie dollar fell from highs near US81.55c to lows around US81.00c and
was trading near US81.00c in afternoon US trade. And the Japanese yen
lifted from 119.38 yen per US dollar to JPY118.06 before settling near
JPY118.52 in afternoon US trade.
World oil prices fell for a fourth straight day on Tuesday. Saudi
Arabia has given no signs of cutting production with King Abdullah
saying that the country will meet the challenge of low oil prices “with a
firm will”. Saudi Arabia has also announced oil price discounts for
European and US buyers. Brent crude fell by US$2.01 or 3.8% to US$51.10 a
barrel while the US Nymex crude price fell by US$2.11 or 4.2% to
US$47.93 a barrel.
Base metal prices were generally little-changed on the London Metal
Exchange on Tuesday. The exceptions were aluminium (down 1.8%) and tin
(up 1.4%). Gold rose on Tuesday as investors continued to embrace
safe-haven assets. The Comex gold futures price was up by US$15.40 an
ounce or 1.3% to US$1,219.40 per ounce. Iron ore rose by US30c to
US$71.10 a tonne on Tuesday.
YESTERDAY’S MARKET
Local Markets Update.
This news story is reprinted from www.businessspectator.com.au
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