Midday Market Roundup 19/09/2008

  Our market has made up all of yesterdays losses - up 181 or 4.3% - and is finishing the week strongly on the back of a strong rise on Wall Street overnight. Financials going gangbusters - up 7.7% - helped by Macquarie Group's 36% rise today and Babcock & #38; Brown putting on 16.5%. The NAB is up 15.2%. This is unprecedented volatility in our markets. Fundamentals have gone out the window. Logic and science can't explain the movements induced by fear and panic.Wall Street closed up 410 or 3.86%. Up 467 at best. Down 148 at worst. Up 400 points in the last hour of trading. Biggest rise in the market in 6 years on talk the Treasury will set up a & #160; & quot;permanent plan & quot; to absorb bad debts using a vehicle similar to the Resolution Trust Corp. that was structured in the 1980's and 1990's during the savings and loan crisis. The UK has temporarily banned short selling of financial companies, the US is looking to do likewise. Global central banks injected & #36;225bn into the global financial system overnight. Morgan Stanley and Washington Mutual still trying to finalize buyers or merger partners. Gold up again.The SFE Futures suggest a big 124 point rise this morning.Both BHP and RIO up in ADR form, 4.87% and 2.24% respectively.Metals all down - Nickel down 1.87%, Copper down 0.62% and Zinc down 0.53%. Aluminium down 0.24%.Oil price up 11c to & #36;97.50 on the back of Nigerian militants stepping up attacks on oil infrastructure.Gold up a big 5.5% to & #36;46.50.Bonds down with the 10 year yield up to 3.53% from 3.42%.  

Sydney

  [ Change ]
 
Today

Possible shower.
Today

Min: 12°
Max: 19°
Possible afternoon shower.
 

Account

Login

To access your account and listings



Remember me
   
   
   
 
 
Find Hunter Valley accommodation online