Australia Commonwealth Securities Limited Morning Report 27/11/2008

Australia Commonwealth Securities Limited Morning Report 27/11/2008

Commonwealth Securities Limited 附屬 Australian Commonweath Bank , 是澳洲最大的 Online Broker, 每個交易日在早, 午及收巿後都有市況報告 For Customer Only, 其中早晨報告、主要討論美國市況, 亦會提及原油及貴金屬走勢, 個人認為在香港開市前先看一看, 對即日市況可有大概理念, 因此每日早上起床都會把此報告 post 上香港人網, 澳洲香港時差3小時, 可趕及各巴打在香港開市前觀看, 希望對各位有幫助

Commonwealth Securities Limited


(7.00am AEDT)
China�s central bank has cut benchmark lending and deposit rates by 108 basis points - the biggest rate cut in 11 years.

US personal spending fell by 1.0pct in October, the biggest drop in seven years. New home sales fell by 5.3pct to a 17-year low but the supply of unsold homes has fallen 10pct in the past two months. Jobless claims fell by 14,000 to 529,000 in the latest week. Durable good orders fell by 6.2pct in October. Consumer sentiment fell from 57.6 to a 28-year low of 55.3 in November.

The European Commission has proposed a stimulus package for the Euro-zone worth 200bn euros (US$259bn).

European sharemarkets were mixed on Wednesday. Despite solid gains by miners, the UK FTSE fell by 0.4pct. Shares in BHP Billiton rose 9.9pct with Rio Tinto up 1.1pct. The German Dax ended flat.
And the recovery on US sharemarkets continued for a fourth day. At the close, the Dow Jones was up by 247pts or 2.8pct while the S&P was up 3.5pct and the Nasdaq was higher by 67pts or 4.6pct.

US treasuries rose again on Wednesday (yields lower). Soggy economic data boosted demand for treasuries while the latest $800bn package of measures to boost liquidity also drove prices higher. US 10yr yields fell by 13pts to 2.99pct, at one stage hitting a 50yr low. US 2yr yields fell by 9pts to 1.11pct.

The US dollar was mixed against major currencies on Wednesday. The Euro eased from near US$1.3020 to US$1.2820, heading into the close around US$1.2910. The Aussie dollar rose in response to China�s major rate cut. The Aussie rose from near US64.30c to US65.45c, heading into the US close near its highs. And the Japanese yen eased from 94.70 yen per US dollar to JPY95.70.

Crude oil prices rose on Wednesday in response to news of a major stimulus package in Europe and the dramatic rate cut in China. The gains came despite US inventories rising by 7.3 million barrels in the past week, well above expectations. The January 2008 Nymex crude quote rose by US$3.67 or 7.2pct to US$54.44 a barrel. Brent crude rose US$3.44 to US$53.79 a barrel.

Base metal prices were again mixed on Wednesday as the US prepared for the Thanksgiving Day holiday. Copper rose 1.6pct and zinc lifted 1.3pct but aluminium and lead fell around 0.5pct. But the price of gold eased as safe-haven flows eased on stabilisation of equities markets. The most active February Comex gold contract fell by US$9.20 an ounce or 1.1pct to US$811.30.

Ahead: In Australia, private capital expenditure figures are released. In the US, markets are closed for Thanksgiving.

For closing prices of international markets, commodities and ADRs please go to:
News and Research > Economic Research > Daily Report

Craig James
CommSec Chief Equities Economist

This commentary is a general account of the day's trading and is not intended to be taken as a recommendation to buy, hold or sell any particular stock.