The S&P/ASX 200 was down 2 points for the day, ending at 4,573.20.
The RBA kept rates at 4.50% yesterday, and of the statement from Glenn Stevens, one currency trader said, ‘Large chunks of the statement were copy and paste from last month, but it does seem a little bearish on Europe.’
The Dow Jones Industrial Average dropped 107 points, closing at 10,340.69.
The market declined on news that major banks in the US may have understated their holdings of government debt during the ’stress test’ earlier in the year. While the report continued very little information, it reminded traders that the debt problem hasn’t gone away.
In a desperate attempt to get business spending, it’s been reported that President Obama will offer business the ability to write off 100% of all plant and equipment purchased in 2011.
Overnight, the FTSE finished at 5,407.82, lower by 31 points. Mining stocks were lower amid fears of the MRRT will be implemented by the Labour government.
The Nikkei lost 75 points to close at 9,226.00. It’s predicted that the index will spend another day in the red after the Yen hit a fifteen year high against the US dollar overnight.
The price of spot gold in Australian dollars is $1,377.01, while in US dollars it’s $1,255.25. The price of silver in Australian dollars is $21.75 and in US dollars it’s $19.83.
The Aussie dollar versus US dollar is AUDUSD 0.9107 and against the Japanese Yen it’s AUDJPY 76.26.
Crude Oil closed at USD$73.80.
For the biggest movers on the market yesterday click here…
That’s all I have for you today, see you tomorrow.
Shae.


