Midday Market Roundup 14/10/2008=S &P 500 has its largest one-day-percentage -- <p><a href="http://fidweek.econoday.com/">This text</a>to economic calendar.</p>

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Date Posted: 09:21:09 10/25/09 Sun
Author: -point-bounce since 1938.=13/10/2008
Subject: Midday Market Roundup 14/10/2008=S &P 500 has its largest one-day-percentage

Midday Market Roundup 14/10/2008
14 October 2008 | 10:41:00 | 41 pv | 0 rp | 280 id | From Yahoo.com.au Posted in News (AU)

The market is flying today - up 213 or 5.1% at midday - on the back of Wall Street's record breaking bounce overnight. The & #160;SFE futures predicted a 306 point gain in the market this morning. The banks are regaining some of their recent heavy losses. Resources pumping. Fortescue up 48%. Industrials up 5.3%. Property up 5.2%.The Dow was up 936. Up all session. Closed on surging highs. & #160;Main Point: S & #38;P 500 has its largest one-day-percentage-point-bounce since 1938. Dow up the most ever and had its largest percentage gain since 1933. An eight-session losing streak broken. Everything (almost) up. The US and Europe have coordinated to provide US dollar funding in unlimited amounts via the international swap lines to provide liquidity to the world's major commercial banks. The Euro countries and the US will also guarantee debt and interbank lending between financial firms, make direct capital infusions to their balance sheets and take major equity stakes in part nationalization of several big banks. Commodities were up, oil up, gold down and bonds closed for a holiday. Financials up 10.2%. Industrials up 7.2%. Resources flew. The CRB commodities Index up 3.0%. US dollar flat against the Euro. Aussie dollar up 3.92% against the US dollar. & #160;Morgan Stanley up 93% as it completed the US & #36;9bn deal with Mitsubishi UFJ Financial as they took a 21% stake in MS.Both BHP and RIO up significantly in ADR form overnight, 18% and 19% respectively. Both up 9% and 15.3% in the UK. BHP closed at the equivalent of 3141c in the US against a close of 3000c here.Metals all well up overnight - Copper up 6.67%, Nickel up 5.06% and Zinc up 1.55%. Aluminium up 1.39%.Oil price up & #36;3.73 or 4.8% to & #36;81.17 on the back of the market rallying after the governments said they would come to the banks aid.Gold down & #36;16.50 to & #36;842.50US Bond market closed for Columbus Day holiday.Wesfarmers (WES) assured the market it will be able to refinance a number of debt facilities by the end of 2009 despite the credit crunch. Its biannual briefing revealed soft sales at Coles - 1Q sales up 2.6% and comparable sales up only 1.3% - down from 2.4% last quarter. As the briefing continues, details on WES's coal hedging program will be in the spot-light with the A & #36; having fallen rapidly recently. WES up 6.69% to 2264c.GSJB Were has downgraded oil and gas stocks after revising down its oil price forecasts. It cut its 4Q08 oil price expectations to US & #36;85 a barrel from US & #36;120 a barrel, 2009 forecast cut to US & #36;75 from & #36;US100. They cut Woodside to Hold from Buy and their target price to 4774c from 7350c, Oil Search to Hold from Buy and target price to 459c from 735c. They also lowered their target prices for both Origin Energy and AGL Energy.

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