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Date Posted: 17:27:32 06/20/10 Sun
Author: Monday 21, June 2010(7.00am AEST)
Subject: Australian Stock Market Report

Australian Stock Market Report

Monday 21, June 2010


Summary Close Movement % Change
All Ordinaries 4574.10 27.10 0.60
All Industrials 4551.90 24.60 0.54
50 Leaders 4572.00 25.60 0.56


Market Turnover
$A 4,840,041,766.00

Commentary

FOR INDEPTH VIDEO REPORTS, PLEASE VISIT:
http://commsec.viotv.com/


MORNING REPORT
(7.00am AEST)

The People´s Bank of China announced on Saturday that it will allow a more flexible Yuan but gave no timetable for currency reform.

European shares rose for the eighth straight day on Friday. Banks rose with investors encouraged that European leaders will publish results on ´´stress´´ tests made on the financial sector. The FTSEurofirst index rose by 0.3pct but the UK FTSE and German Dax both eased by 0.1pct.

US sharemarkets rose on Friday despite volatility caused by ´´quadruple witching´´ - the expiry of stock index futures, single stock futures, stock options and stock index options. Shares in Caterpillar rose 1.4pct after reporting an 11pct rise in heavy machinery over the past three months. The Dow Jones rose by 16 points or 0.2pct with the S&P 500 up 0.1pct, and the Nasdaq was higher by almost 3 points or 0.1pct. Over the week the Dow Jones index rose by 2.3pct with the S&P 500 up 2.4pct and Nasdaq rose 3.0pct.

US treasuries eased on Friday (yields higher) as traders squared books in anticipation of bond auctions in the coming week. US 2yr yields were unchanged at 0.73pct with US 10yr yields up 3pts to 3.23pct. Over the week US 2yr and US 10yr yields both fell by 1pt.

Major currencies traded without conviction in European and US trade on Friday but have reacted this morning to the proposed freeing up of the Chinese yuan. The Euro eased from US$1.2415 to US$1.2350, ending the US session near US$1.2375. The Euro spiked higher to US$1.2450 this morning. The Aussie dollar traded from lows near US86.55c to US87.20c, ending the US session near the day´s highs. The Aussie dollar spiked to US88.20c this morning. And the Japanese yen held between 90.50 yen per US dollar to JPY90.85, ending US trade near JPY90.70. The Japanese yen is trading near JPY90.40 this morning.

US crude oil prices rose modestly in directionless trade on Friday. Investors were concerned about an extended moratorium on deepwater oil drilling in the Gulf of Mexico. The Nymex crude oil contract rose by US39c or 0.5pct to US$77.18. London Brent crude fell by US46c to US$78.22 a barrel. Nymex oil rose by 4.6pct over the week.

Base metal prices fell on the London Metal Exchange on Friday as investors chose to square positions at the end of the week. Metals fell 0.2-2.0pct with copper doing best and zinc performing worst. Over the week base metal prices were mixed. Lead rose 4.4pct and nickel rose 0.2pct but zinc and copper fell 0.7pct. The Comex gold price hit a record high of US$1263.70 an ounce on Friday. Gold eased at the close but still settled at record highs for a second straight session, up by US$9.60 an ounce on Friday to US$1,258.30 and gold was 2.3pct higher over the week.

Ahead: In Australia, data on imports and car sales is released. In the US no major economic data is due.

Craig James
CommSec Chief Economist

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