Presented by Michael Hevern
MDS Financial
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In this morning’s wrap…
World Indices
US Markets closed for Martin Luther King Jr holiday
- Australian markets will look to Europe for a lead
FTSE down 0.9%
- Second UK Government Bank Rescue plan
- Royal Bank of Scotland announced biggest corporate loss in FTSE s history. Stock down 32%.
- Bank of England allocating 50 billion pounds for purchasing assets to help capitalisation of banks
German banks found to have 300 billion Euros in toxic assets, huge writedowns expected.
NIKKEI up 0.3%
- Honda cutting 3100 jobs and reducing production by 10%
Commodities
Oil down 5%
- Below $40 mark ($34)
- Lower demand
Gold down 0.2% ($835)
Copper up 2.2%
Aluminium down 3%
Local Index
SPI down 14 points
- Below critical 3600 level
ASX News
CBA splitting CommSec from institutional arm
BHP production figures tomorrow
RIO refinancing issues
Banks likely to weigh
Short Selling Ban due to be removed on 27 Jan
