Presented by Michael Hevern
MDS Financial
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In this morning’s wrap…
World Indices
DOW down 4%
- Bounces below critical 8000 level
- President Obama s speech on grim economic situation
S&P 500 down 5.3%
- Worst start to a year ever
NASDAQ down 5.8%
- IBM fourth quarter profits up 12 %
- Intel expects losses for fourth quarter
FTSE down 0.4%
- Bank of England looking to buy assets to ease credit crisis
- Concern about nationalisation of banks
NIKKEI down 2.3%
- Closed just above 8000 level
- Next support at 7900
HANG SENG down 380 points
Commodities
Oil up 6%
- Below $40 ($39)
- End of February contract
- Demand is down
Gold up 2.6% ($858)
Silver up 0.2%
Nickel up 2.4%
Copper, zinc, lead, aluminium all down
Gold stocks index down 1%
Oil stocks index down 5%
Commodities stocks index down 5.6%
Local Index
SPI down 92 points
ASX News
BHP and RIO to weigh
Banks continue to weigh following UK and US news
Gold stocks to rise
Short Selling Ban
ASX likely to open down today
ADRs
Alumina down 12%
ANZ down 12%
BHP and RIO down 10%
James Hardy down 7%
