Friday 29, June 2012=Final estimates of March quarter US GDP were unchanged at 1.9pct. -- FEC

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Date Posted: 17:11:31 06/28/12 Thu
Author: Australian Stock Market Report
Subject:

Friday 29, June 2012=Final estimates of March quarter US GDP were unchanged at 1.9pct.

Australian Stock Market Report

Friday 29, June 2012

Summary Close Movement % Change
All Ordinaries 4085.60 1.60 0.00
All Industrials 4044.80 1.60 0.00
50 Leaders 4094.50 0.60 0.00

Market Turnover
$A 3,982,002,766.00

Commentary

For detailed video updates:
http://commsec.viotv.com

MORNING REPORT
(7am AEST)

Final estimates of March quarter US GDP were unchanged at 1.9pct. Personal consumption was revised down to 2.5pct, gross private investment was up slightly to 6.5pct. Government consumption was revised down to -4.0pct, while both exports and import growth were also lowered to 4.2pct and 2.7pct. US jobless claims fell by 6,000 to 386,000 last week.

European shares fell on Thursday in choppy trading, led by the weakness in the banking sector. Barclays fell 15.5pct following investigations that found it tried to manipulate key market interest rates. The STOXX 600 Banking index fell 2.4pct. Overall markets seemed range bound as investors waited on any word from the two-day EU leaders summit which began on Thursday. The benchmark FTSEurofirst 300 index fell by 0.5pct with the UK FTSE down by 0.6pct and the German Dax was lower by 1.3pct.

US sharemarkets fell on Thursday but recovered substantial ground late in the session. The Dow clawed back over 150pts in the last 90 minutes of trade on talk of progress by European leaders at the summit. The US Supreme court’s ruling to uphold a landmark healthcare law which requires American to obtain insurance by 2014 or face a penalty hit large health insurers. At the close of trade, the Dow Jones was lower by 25pts or 0.2pct with the S&P 500 down 0.2pct while the Nasdaq lost 26pts or 0.9pct.

US treasuries rose (yields lower) on Thursday as investors switched out of equities and into safe-haven US government bonds. However treasuries trimmed gains after an auction of $29 billion in 7yr notes found slim demand. US 2yr yields fell 1pt to 0.31pct and US 10yr yields fell by 5pts to 1.59pct.

Major currencies fell against the greenback in overnight trade on Thursday as risk aversion coincided with the beginning of the EU summit. The Euro fell from highs near US$1.2520 to US$1.2410 and closed US trade near US$1.2445. The Aussie dollar fell from highs near US101.25c to US99.90c and ended US trade near US100.45c. And the Japanese yen traded between 79.25 yen per US dollar and JPY79.45 and ended US trade near its lows.

Benchmark crude fell on Thursday, as concerns mounted that the EU leaders summit will not find a credible solution to the ongoing sovereign debt issues. Brent crude fell by US$2.14 to US$91.36 a barrel. US Nymex crude fell by US$2.52 or 3.1pct to US$77.69 a barrel.

Base metal prices were mixed on the London Metals Exchange on Thursday as the focus shifted to the EU leaders summit. Zinc and lead rose up to 2.2pct while other metals fell up to 1.3pct. The gold price fell on Thursday in line with other commodities. The August Comex gold futures price fell by US$28 an ounce to US$1,550.40 an ounce.

Ahead: In Australia, private sector credit figures are released. In the US personal income and spending figures as well as the University of Michigan confidence figures are released.

Craig James
Commsec Chief 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.

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