CMC Markets Weekly Report
The Australian Stock Market suffered another losing week, with the S&P/ASX 200 giving up 139.5 points to close the week at 4840.4. The market has now ended in the red for nine consecutive weeks. The Dow Jones Index rose more than 200 points on Thursday night despite the fact that Merrills, Microsoft and Google all released forecasts that fell short of analyst's targets. Citigroup reported a smaller than expected second-quarter loss on Friday, helping the Dow Jones to rise nearly 50 points. Softer Commodity Prices helped push Rio and BHP lower as Oil and Gold both retreated from their highs.
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The Past Week.
The Australian Stock Market suffered another losing week, with the S&P/ASX 200 giving up 139.5 points to close the week at 4840.4. The market has now ended in the red for nine consecutive weeks. The Dow Jones Index rose more than 200 points on Thursday night despite the fact that Merrills, Microsoft and Google all released forecasts that fell short of analyst's targets. Citigroup reported a smaller than expected second-quarter loss on Friday, helping the Dow Jones to rise nearly 50 points. Softer Commodity Prices helped push Rio and BHP lower as Oil and Gold both retreated from their highs.
The Week Ahead.
There are important Economic Figures due to be released this week, with the latest CPI for Australia announced on Wednesday and that night in the US, the Beige Book is released. The Beige Book is a summary by the Federal Reserve of current economic conditions in the US. The Market expectations for Australian CPI are 1.1% for the quarter and 4.2% for the year. These figures will provide a clue to future Interest Rate movements in both countries. It is also shaping up as an important week for Resource and Energy stocks as June Quarter production reports are due from BHP, Oxiana, Newcrest Mining and Oilsearch. With several leading analysts, including Morgan Stanley, claiming that Australian Stocks are reaching the bottom, these figures could provide the impetus for Institutional buying this week.
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