(Oil is the August contract on the NY Mercantile Exchange (NYMEX). Gold is also the August contract on the COMEX division of the NY Mercantile Exchange, while Silver is the July contract on the COMEX.)
NEW YORK - US stocks fell on Friday, pushing the Dow to the brink of a bear market, hounded by concerns that record oil prices and the seemingly endless credit crisis will further damage the economy.
As the price of oil crossed $US142 for the first time, shares of companies that sell everything from fast food to soap slid as fears mounted that consumers will need to cut back.
The Dow Jones industrial average dropped 106.91 points, or 0.93 per cent, to 11,346.51. The Standard & Poor’s 500 Index fell 4.77 points, or 0.37 per cent, to 1,278.38, while the Nasdaq Composite Index slipped 5.74 points, or 0.25 per cent, to 2,315.63.
LONDON - UK stocks eked out a gain as record high crude boosted energy stocks, outweighing the impact of losses in supermarkets and banks sparked by concerns over the health of the UK economy.
The commodity-heavy FTSE 100 closed up 11.7 points, or 0.2 per cent, at 5,529.9 points.
FRANKFURT - The DAX index ended at 6,421.91 points, down 37.69 or 0.58 per cent.
PARIS - The CAC-40 index closed at 4,397.32 points, down 28.87 or 0.65 per cent.
TOKYO - Japan’s Nikkei stock average slipped 2 per cent to a two-month closing low in its longest losing streak in seven months, with Sony Corp and other exporters battered by growing uncertainty over the US economy, high oil prices and sharp Wall Street losses.
The Nikkei ended down 277.96 points at 13,544.36.
HONG KONG - Hong Kong shares fell 1.8 per cent to a three-month low, as the prospect of lower earnings at major US corporations and speculation of an imminent rate hike in China spooked investors.
The Hang Seng Index closed 413.32 points lower at 22,042.35.
WELLINGTON - The sharemarket plunged to its lowest in more than two years on Friday, joining other markets in hefty declines after Wall Street set a negative tone.
The benchmark NZSX-50 lost 1.98 per cent, or 65 points, to close at 3,226.9.
At 0812 AEST the NZXS-50 was down 3.243 points to 3,223.688.
SYDNEY - The Australian share market is expected to open lower after Wall Street fell on concerns that record oil prices and the seemingly endless credit crisis will further damage the economy.
Resource stocks may gain after commodities including oil, gold, copper and tin advanced.
At 0814 AEST on the Sydney Futures exchange, the September share price index was down four points to 5,258.
In economic news today, the Reserve Bank of Australia (RBA) financial aggregates data for May will be released.
TD Securities-Melbourne Institute Inflation Gauge for June and the Housing Industry Association of Australia new home sales data for May are due to be released.
On Friday, the Australian share market closed lower after a big drop on US markets and a surge in the oil price.
The benchmark S&P/ASX200 index fell 70.0 points, or 1.32 per cent, to 5,237.0 while the broader All Ordinaries lost 72.1 points, or 1.33 per cent, to 5,349.4.
NYMEX
Oil prices rose to a record near $143 a barrel on Friday as a drop in global equities markets sent fresh investors into commodities.
US crude settled 57 cents higher at $140.21 a barrel, as profit taking sent prices from the record $US142.99 hit earlier.
London Brent crude settled up 48 cents at $140.31 a barrel.
Oil prices have jumped more than 45 per cent this year, extending a six-year rally, as supply struggles to keep pace with rising demand from emerging economies, such as China and India.
Additional support has come from a flood of cash from new investors buying up commodities to hedge against inflation and the weak US dollar, which fell further on Friday.
LONDON METAL EXCHANGE
The price of copper rose to its highest level in nearly two months on Friday, boosted by declining warehouse stock levels and impending strike action in Peru, the world’s second-largest producer of the red metal.
Copper for three-month delivery on the London Metal Exchange ended the day at a quoted $8,530/8,535 a tonne after touching $8,559, its highest since May 1. The metal, used in power, packaging and transport, closed at $8,445 a tonne on Thursday.
Aluminium closed at $3,120 a tonne from $3,100 a tonne on Thursday. The metal used in power and packaging touched a three-month high of $3,169 a tonne last week.
Zinc closed at $1,930 a tonne from $1,990 a tonne on Thursday, lead closed at $1,800 from $1,815, nickel closed at $21,950 from $21,800 and tin at $23,350/23,400 from Thursday’s last quote of $23,150/23,200.
COMEX
Gold ended near a one-month high on Friday as record oil prices stirred inflation fears and wreaked havoc on global stock markets, prompting investors to pour funds into bullion.
The US gold contract for August delivery on COMEX division of New York Mercantile Exchange settled up $16.20, or 1.8 per cent, at $931.30 an ounce.
Gold climbed to $930.40 an ounce, its highest since May 27, and was at $927.20/928.20 by New York’s last quote, well above the $912.60/913.60 an ounce it was quoted late in New York on Thursday.
Spot platinum ended at $2,052.00/2,072.00 an ounce from $2,057.50/2,077.50 late in New York on Thursday. Spot palladium ended slightly higher at $465.00/473.00 an ounce from its previous finish of $464.00/472.00 an ounce.
Silver edged up to $17.48/17.56 an ounce from $17.22/17.28 late in the US market on Thursday.
INTERNATIONAL NEWS
BRUSSELS - ArcelorMittal said on Sunday it has increased its stake in Australian miner Macarthur Coal Ltd to 19.9 per cent by buying shares from another stakeholder as part of a strategy to safeguard its raw materials supply.
NEW YORK - Steel tycoon Lakshmi Mittal has joined the board of directors of Goldman Sachs Group Inc, the world’s largest securities firm said on Sunday.
NEW YORK - Even for an industry awash in bad news, the US newspaper business went through one of its most severe retrenchments in recent memory last week.
NEW YORK - Uncertainty will likely reach new highs in emerging markets this week, as concerns about soaring global inflation and a still fragile US economy leave investors walking on eggshells.
LIMA - Miners in Peru, the world’s leading silver producer and second-largest copper and zinc miner, were readying a strike for midnight on Sunday that will see walkouts at the country’s leading pits.
LOCAL NEWS
MELBOURNE - Victorian taxpayers will foot a $300,000 damage bill racked up by employees of the state’s peak road body.
MACKAY, Qld - Treasurer Wayne Swan has flagged a possible increase in the aged pension.
CANBERRA - The NSW government has threatened to pull out of Prime Minister Kevin Rudd’s computers in schools plan unless it gets hundreds of millions of dollars in secret federal funding.
STOCKS TO WATCH ON THE AUSTRALIAN STOCK EXCHANGE TODAY:
MCC - MACARTHUR COAL LTD - $18.00
ArcelorMittal SA, the world’s largest steelmaker, said it has increased its stake in Australian miner Macarthur Coal to just under 20 per cent, days after talks on a possible takeover ended without a deal.
CIY - CITY PACIFIC LTD - down five cents to 34 cents
Fund manager City Pacific cut its operating earnings outlook by as much two thirds after its exposure to the global credit crunch.
City Pacific now expects a fiscal 2008 operating earnings net profit after tax of between $30 million to $35 million.
NCM - NEWCREST MINING LTD - up $2.99 to $28.89
Newcrest Mining secured sufficient energy supplies to maintain full production at its Telfer mine in Western Australia following the explosion that disturbed gas supply from Varanus Island earlier this month.
Varanus Island operator Apache Energy expects to resume partial gas supplies from the facility by mid-August.
CTX - CALTEX AUSTRALIA - down 19 cents to $12.50
Fuel refiner Caltex Australia expected first half net profit to fall by up to 40 per cent due to flat petrol sales, lower margins and plant shutdowns.
Net profit in the first six months of calend
