22/06/09

FTSE 100	4345.93, +65.07	Dow	8539.73, -15.87
FTSE 250	7334.34, +92.67	Nasdaq	1827.47, +19.75
FTSE All Share	2211.91, +32.13	S&P 500	921.23, +2.86
Nikkei	9826.27, +40.01	Hang Seng	18196.27, +275.34
Oil (Crude)	$69.55	Gold	$936.20
Base Rate	0.5%	10 Yr Gilt	3.78%
£/$	1.642	Euro/Gbp	0.8448

Markets

indices were mixed on Friday with the Dow losing ground while both the S&P 500 and Nasdaq gained. All three indices were lower on the week though, following four weeks of gains. Stocks suffered some volatility during the session, caused by the end of the two-day quadruple witching period. The Dow Jones fell 15.87 points to close at 8,539.73 while the S&P 500 gained 2.86 points to end at 921.23. The Nasdaq jumped 19.75 points to finish at 1,827.47.

Microsoft boosted tech stocks and the Nasdaq after Goldman Sachs added the company to its conviction buy list. Shares of the world's largest software company rallied 2.4% as a result. Apple advanced 2.7% after its latest iPhone was released. It was expected to sell 500,000 units in its first weekend. JPMorgan Chase led bank stocks higher after saying it will cost less to repay the government rescue funds than some analysts estimated. Shares rose 2.4% while Bank of America climbed 2.5%.

US light crude oil for July delivery dropped $1.82 to $69.55 a barrel. COMEX gold for August delivery added $1.60 to $936.20 an ounce. Treasury prices went marginally higher, lowering the yield on the 10 year note to 3.82% from 3.83%.

The Nikkei gained 40.01 points to close at 9,826.27 this morning. Breweries and car makers led the advance after Credit Suisse raised its rating on the nation's beverage industry and a newspaper said Nissan Motor will build a US factory to make electric cars.

The Hang Seng is currently 275.34 points higher at 18,196.27, following signs of expansion in China's financial and steel industry. Industrial & Commercial Bank of China, the world's largest lender by value, rose 3.1% after the Shanghai Securities News said China may report 6.5 trillion yuan of new loans in the first half. Angang Steel surged 4.2% after a report mills in China are lifting production.

The FTSE 100 is currently 48.13 points lower at 4,297.80. Royal Dutch Shell and BP, which make up 17% of the market value of the FTSE 100, cause the biggest drag following falling crude prices. Royal Dutch Shell is 2% lower, while BP slips 2.3%. Anglo American tops the risers board, up 9%, after Xstrata made a merger approach. Xstrata said yesterday it had sent a written proposal to rival Anglo American seeking a "merger of equals." The combination would create a new top-tier mining giant with vast holdings in copper, nickel, coal, platinum and other metals and minerals - although there are many hurdles to a deal, including possible political concerns, vastly different management styles, the role of major shareholders in both companies and Anglo's reluctance to engage with Xstrata.

Economics

No economic data to report.

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