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overnight wrap up

  1. kahuna1

    1,006 Posts.

    Howdy

    All in all fairly quiet in NY overnight with stocks closing barely changed. Bond markets were hit hard seeing new recent lows for our bonds as doubts start creeping in about next Fridays non farm payrolls ... has to be a good bet after two very weak numbers maybe we see a stronger one next week. The ozzie was stronger ag the usd both in absolute terms and on most crosses. Gold and silver strong hitting fresh highs ...

    The following is a wrapup of the market by my good friends at L Quay

    Good luck

    AUD STOCKS CLOSING IN NEW YORK

    STOCK NYSE VALUE AUD TERMS ASX CLOSE CHANGE

    --------------------------------------------------------------------------------
    News Corp 34.66 11.60 11.70 -0.10 chge asx close
    --------------------------------------------------------------------------------
    Telstra 17.23 4.61 4.57 0.04 chge asx clse
    --------------------------------------------------------------------------------
    BHP 18.17 12.16 12.10 0.06
    --------------------------------------------------------------------------------
    NAB 117.30 31.40 31.45 -0.05
    --------------------------------------------------------------------------------
    ANZ 72.40 19.38 19.40 -0.02

    US Market

    OVERVIEW: American consumers were a little less gloomy this month than first thought, a survey showed on Friday, but not enough to eclipse worries of a spending slowdown once the boost from tax refunds fades. A separate report on spending showed consumption growth had already slowed, even though incomes had held up well. This suggests that growth of GDP in the first quarter will be a bit slower than many have forecasted. US treasury prices extended their losses on Friday after a surprise rise in consumer confidence data, which looked mildly good for the economy. However, more positive sentiment data was tempered by ongoing concerns over jobs, and dealers continued to focus on Friday's payrolls data. Selling accelerated after the notes and bonds broke support levels on daily charts. It may be worth noting there is a view among traders that with several months of disappointments with the patrolls data, sheer statistical probability suggests a substantial one-month increase in hiring is not out of the question. Hence, some investors are on the defensive just in case March payrolls delivers such a result. US stocks declined early on Friday as investors took a break a day after the major market indices notched their biggest percentage gains in several months. EchoStar Communications, which operates the No2 US satellite TV broadcaster Dish network, fell 4.7% even after it reported a fourth-quarter profit. Yahoo Inc shares rose, after the company said it would buy European price comparison Web site Kelkoo SA to expand its range of internet commerce portals. The deal helps Yahoo beef up in overseas markets to compete with Google and Microsoft's MSN unit. Albertsons Inc, the No2 US grocer, fell after it agreed to buy the US supermarkets of J, Sainsbury Plc, Britain's third biggest grocer. Stocks ticked higher as stronger-than-expected consumer confidence data fed optimism and investors were drawn to shares made cheaper by a steep slide in recent sessions. General Electric helped support the Dow after Merrill Lynch added it to its list of stock tips. GE was showing a gain of about 3%.

    FOREIGN EXCHANGE

    FOREX The dollar edged higher against the euro amid mixed US data, while the yen was broadly stronger on an upbeat Japanese retail sales report. Foreign exchange markets are not appearing to follow any global trend, so the market is following regional nuances. In the case of the USD, the positive consumer sentiment survey was balanced against lower consumer consumption, and the dollar traded in well-worn ranges. In the case of the euro, pre-weekend positioning and a short-covering rally outweighed the negative impact of rate cut speculation. German Ifo business climate data fell more than expected in March, prompting analysts to call for an immediate cut in European interest rates.

    AUSTRALIAN MARKET

    AUSTRALIA Aussie bonds hit by a wave of selling overnight, spurred on by a larger-than-expected reading for the Michigan Sentiment number. Sell orders were executed around 65.0 by DBA in volume, and further selling was seen from BCF. MBL were buying in the mid 60s. The threes fell away in tandem with the tens, but their fall was smaller, leading to the curve steepening to trade at 19.0 points. This was in line with the US yield curve. Late selling pressure from MAN in the tens, at the session lows, brought some late buying in, with AAA buying the tens up to 58.5 on the close. The SPI was very quiet during the US session with the folws spasmodic, although JBW and MAN bought small amounts at the session highs late in trading. A fall away in US stocks after 7:15am saw some late selling from LQF. Over the Sycom session, MBL and MAN were the main players, with the former a net seller and the latter a net buyer. Local brokers were net buyers over ths session of about 60 lots.

    COMMODITIES

    COMMODITIES Sugar futures were bombarded by another flurry of fund liquidation to close sharply lower, with traders saying the sweetener looks vulnerable to further losses next week. The previous rally was not supported by fundamental demand and the market can see more downside. Crude fell to its lowest level in a month as speculative funds cut long positions. Gold rose to its highest price in more than ten weeks, retaining its shine as the dollar recovered morning losses on the euro. Technical funds were seen as large buyers. Silver hit fresh multi- year highs as CTA's muscled the thinly traded futures market higher.

    EUROPEAN MARKETS

    EUROPE Steadier nerves and gains in steel firms and airlines lifted European shares on Friday as stockmarkets extended their recovery from 2004 lows. However, Credit Suisse skidded after an accounting error at the Swiss bank spooked investors. UK retailers were also down as news from Boots and J. Sainsnury chilled the sector. Some analysts believe the retreat is largely over, although stocks could trade sideways for another week or two until a new US earnings season offers fresh guidance. Sainsbury shares sank 7%, while concerns about price pressure rippled through the sector, with UK leader Tesco down 1.9% and Marks & Spencer falling 1.6%. Boots fell 12.7% after saying profits will be hit by new investment programmes and a larger charge for pensions. Steelmakers supported the market, with Acelor up 1% on a broker upgrade. The FTSE Eurtop 300 ended up 0.2%.

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