NEW YORK - US stocks gave up a big early advance to finish moderately lower on Wednesday after the Federal Reserve reduced its economic outlook for 2009 and bank stocks sank.
The central bank said it expects some business conditions to improve in coming months, but it also lowered its assessment of the economy for the full year and said unemployment could reach nearly ten per cent.
Stocks had been fluctuating throughout much of the afternoon as rising commodity prices drove energy and material stocks higher, while bank stocks gave up early gains.
Energy stocks showed some of the biggest gains after oil topped $US62 a barrel for the first time since November.
But financials turned lower after enthusiasm about Bank of America Corp’s ability to raise billions of dollars by selling stock couldn’t erase fears that banks are still a long way from scrubbing all the stains off their balance sheets.
The Dow Jones industrials fell 52.81, or 0.62 per cent, to 8,422.04. The Standard & Poor’s 500 index slipped 4.66, or 0.51 per cent, to 903.47 and the Nasdaq composite index fell 6.7, or 0.39 per cent, to 1,727.84.

LONDON - Europe’s stock markets mostly rose, but London bucked the trend as investors sold shares to take profits despite a Wall Street rally and an upbeat outlook for the financial sector.
London’s FTSE 100 index closed down 13.84 points, or 0.31 per cent, at 4,468.41 points.

FRANKFURT - The DAX rose 79.32 points, or 1.6 per cent, to 5,038.94.

PARIS - The CAC 40 index gained 28.41 points, or 0.87 per cent, to 3,303.37.

TOKYO - Tokyo stocks rose for a second straight day as investors looked beyond a record contraction in the domestic economy and focused on prospects for a recovery.
The benchmark Nikkei-225 index gained 54.35 points, or 0.59 per cent, to 9,344.64.

HONG KONG - Hong Kong share prices closed 0.39 per cent lower on profit-taking in local property firms.
The benchmark Hang Seng Index ended 68.19 points down at 17,475.84.

WELLINGTON - The New Zealand sharemarket managed to finish a fairly lacklustre session with modest gains as the Australian market also drifted.
The benchmark NZSX-50 index closed up 10.28 points, or 0.37 per cent, at 2801.08.

SYDNEY - The Australian share market may open little changed after gains in commodity prices boosts energy producers and miners, mitigating the effect of the declines in equities on Wall Street.
At 0734 AEST on the Sydney Futures Exchange, the June share price index contract was two points higher at 3,836.
In economic news on Thursday, the Australian Bureau of Statistics releases average weekly ordinary time earnings data for the February quarter, and new motor vehicles sales data for April.
The Reserve Bank of Australia releases its monthly bulletin.
The Australian Office of Financial Management tenders 13, 26 and 39 week Treasury notes.
Westpac and the Melbourne Institute release the survey of consumer unemployment expectations for May, and the Melbourne Institute also releases its survey of consumer inflationary expectations for May.
In company news, it’s the first day of the AMEC 2009 National Mining Congress in Perth.
Roc Oil Company Ltd, Everest Financial Group Ltd, Cyclopharm Ltd and Adelaide Brighton Ltd hold annual general meetings.
On Wednesday, the Australian share market closed slightly higher as heavyweight resources stocks posted gains on a day of light trade.
The benchmark S&P/ASX200 closed up 7.3 points, or 0.19 per cent, at 3824.6, while the broader All Ordinaries added 8.3 points, or 0.22 per cent, to 3808.9.

NYMEX

Oil prices hit a six-month high, climbing above $US62 a barrel after a government report showed a drop in US oil supplies for the second straight week.
Benchmark crude for July delivery rose $US1.94 to settle at $US62.04 a barrel on the New York Mercantile Exchange. Crude prices jumped to $US62.14 earlier in the day, their highest level since Nov 11.
In London, Brent prices increased $US1.67 settle at $US60.59 a barrel on the ICE Futures exchange.
Crude stockpiles dropped by 2.1 million barrels for the week ended May 15, according to Energy Department’s Energy Information Administration. Gasoline inventories dropped by 4.3 million barrels.
That was a bigger decline than analysts had expected, especially for gasoline.
One of the main drivers this year for energy prices has been the enormous amount of crude and gasoline in storage. Recently, benchmark crude prices also have been heavily influenced by the stock market and the strength of the dollar.
In other Nymex trading, gasoline for June delivery fell less than a cent to settle at $US1.8095 a gallon and heating oil rose 5.45 cents to settle at $US1.5411 a gallon. Natural gas for June delivery added 6.8 cents to settle at $US4.098 per 1,000 cubic feet.

COMEX

Gold prices gained ground as the dollar sank to a fresh low against the pound for the year and to its lowest level against the euro since January.
Gold for June delivery rose $US10.70 to settle at $US937.40 an ounce on the New York Mercantile Exchange, its highest close since March 26.
July silver added 15.5 cents to $US14.28 an ounce, while July copper futures rose 3.7 cents to $US2.1065 a pound.

NEW YORK - Wall Street stocks churned lower on Friday amid lacklustre economic data and news that General Motors planned a major cut in the number of its dealers, which could add to the labour market’s woes.
The blue-chip Dow Jones Industrial Average gave up early gains and fell 62.68 points (0.75 per cent) to end at 8,268.64.
The tech-heavy Nasdaq dropped 9.07 points (0.54 per cent) to 1,680.14 and the broad-market Standard & Poor’s 500 index shed 10.19 points (1.14 per cent) to 882.88.
The losses capped a week in which the broad market fell nearly five per cent, and ended a streak of eight gains over the past nine weeks for Wall Street’s main indexes.

LONDON - European stock markets closed mixed, helped off lows by early gains on Wall Street as US data offset news of a record slump in the eurozone economy.
Dealers said that after a volatile, choppy week, investors remained cautious and hesitant after recent gains made on hopes of an early end to the global slump were trimmed back.
In London, the FTSE 100 index of leading shares closed down 14.47 points, or by 0.33 per cent, at 4,348.11.

FRANKFURT - The DAX index was virtually unchanged, down 0.97 point, or 0.02 per cent, at 4,737.5.

PARIS - The CAC 40 index gained 12.76 points, or 0.4 per cent, to 3,169.05.

TOKYO - Japan’s Nikkei average advanced 1.9 per cent, as machinery shares gained after orders dropped less than forecast and Sony Corp surged after projecting a smaller-than-expected annual loss.
The machinery orders data also helped Tokyo Electron rise nearly eight per cent, becoming the biggest positive contributor to the Nikkei despite forecasting a record annual operating loss.
The benchmark Nikkei rose 171.29 points in light trade to 9,265.02, after falling 2.6 per cent the previous day to its lowest close since May 1.
The Nikkei fell 1.8 per cent on the week.

HONG KONG - The benchmark Hang Seng Index rose 249.01, or 1.51 per cent, at 16,790.7.

WELLINGTON - The New Zealand sharemarket put some runs on the board, with Sir Ron Brierley’s Guinness Peat Group among the best performers.
The NZSX-50 index closed up 14.78 points, or 0.53 per cent, at 2,790.9, off the session high of 2,809.835.
Turnover was worth $NZ98.87 million ($A77.8 million). There were 41 rises and 36 falls among the 107 stocks traded.

SYDNEY - The Australian share market is expected to open lower after negative leads from Wall Street in securities, metals and oil, although gold was higher.
At 0720 AEST on the Sydney Futures Exchange, the June share price index contract was 42 points lower at 3,737.
In economic news on Monday, the Housing Industry Association releases its affordability report for the March quarter.
In companies news, GrainCorp Ltd releases interim results.
In Sydney on Friday, the Australian share market finished firmer led by the major miners and rebound in cyclical stocks and stronger offshore markets.
The S&P/ASX200 index gained 49.8 points, or by 1.34 per cent, at 3773.2, while the broader All Ordinaries index advanced 48.1 points, or 1.3 per cent, at 3758.9.

NYMEX

Oil prices fell sharply on Friday as news of a deepening recession in Europe added to concerns of shrinking demand for the key commodity.
New York’s main futures contract, light sweet crude for delivery in June, dropped $US2.28 from the closing price on Thursday to end at $US56.34 a barrel.
In London, Brent North Sea crude for July delivery lost $US2.62 to $US55.98.

COMEX

June gold rose $US2.90 to $US931.30 per fince ounce. July Silver fell three cents, however, to $US14.01 per fine ounce, while copper also fell, by 0.95 cent to $2.0175 per lb.

(Oil and Gold are the June contracts on the NY Mercantile Exchange. Silver and Copper are the July contracts.)

NEW YORK - Wall Street stocks churned lower on Friday amid lacklustre economic data and news that General Motors planned a major cut in the number of its dealers, which could add to the labour market’s woes.
The blue-chip Dow Jones Industrial Average gave up early gains and fell 62.68 points (0.75 per cent) to end at 8,268.64.
The tech-heavy Nasdaq dropped 9.07 points (0.54 per cent) to 1,680.14 and the broad-market Standard & Poor’s 500 index shed 10.19 points (1.14 per cent) to 882.88.
The losses capped a week in which the broad market fell nearly five per cent, and ended a streak of eight gains over the past nine weeks for Wall Street’s main indexes.

LONDON - European stock markets closed mixed, helped off lows by early gains on Wall Street as US data offset news of a record slump in the eurozone economy.
Dealers said that after a volatile, choppy week, investors remained cautious and hesitant after recent gains made on hopes of an early end to the global slump were trimmed back.
In London, the FTSE 100 index of leading shares closed down 14.47 points, or by 0.33 per cent, at 4,348.11.

FRANKFURT - The DAX index was virtually unchanged, down 0.97 point, or 0.02 per cent, at 4,737.5.

PARIS - The CAC 40 index gained 12.76 points, or 0.4 per cent, to 3,169.05.

TOKYO - Japan’s Nikkei average advanced 1.9 per cent, as machinery shares gained after orders dropped less than forecast and Sony Corp surged after projecting a smaller-than-expected annual loss.
The machinery orders data also helped Tokyo Electron rise nearly eight per cent, becoming the biggest positive contributor to the Nikkei despite forecasting a record annual operating loss.
The benchmark Nikkei rose 171.29 points in light trade to 9,265.02, after falling 2.6 per cent the previous day to its lowest close since May 1.
The Nikkei fell 1.8 per cent on the week.

HONG KONG - The benchmark Hang Seng Index rose 249.01, or 1.51 per cent, at 16,790.7.

WELLINGTON - The New Zealand sharemarket put some runs on the board, with Sir Ron Brierley’s Guinness Peat Group among the best performers.
The NZSX-50 index closed up 14.78 points, or 0.53 per cent, at 2,790.9, off the session high of 2,809.835.
Turnover was worth $NZ98.87 million ($A77.8 million). There were 41 rises and 36 falls among the 107 stocks traded.

SYDNEY - The Australian share market is expected to open lower after negative leads from Wall Street in securities, metals and oil, although gold was higher.
At 0720 AEST on the Sydney Futures Exchange, the June share price index contract was 42 points lower at 3,737.
In economic news on Monday, the Housing Industry Association releases its affordability report for the March quarter.
In companies news, GrainCorp Ltd releases interim results.
In Sydney on Friday, the Australian share market finished firmer led by the major miners and rebound in cyclical stocks and stronger offshore markets.
The S&P/ASX200 index gained 49.8 points, or by 1.34 per cent, at 3773.2, while the broader All Ordinaries index advanced 48.1 points, or 1.3 per cent, at 3758.9.

NYMEX

Oil prices fell sharply on Friday as news of a deepening recession in Europe added to concerns of shrinking demand for the key commodity.
New York’s main futures contract, light sweet crude for delivery in June, dropped $US2.28 from the closing price on Thursday to end at $US56.34 a barrel.
In London, Brent North Sea crude for July delivery lost $US2.62 to $US55.98.

COMEX

June gold rose $US2.90 to $US931.30 per fince ounce. July Silver fell three cents, however, to $US14.01 per fine ounce, while copper also fell, by 0.95 cent to $2.0175 per lb.

NEW YORK - Wall Street shares zigzagged to a mixed finish on Friday in a market dragged around by reports and speculation about the fate of two troubled financial firms, Lehman Brothers and Washington Mutual.
In a volatile session that saw gains and losses reverse several times, the Dow Jones Industrial Average ended with a modest decline of 11.72 points, or 0.10 per cent, at 11,421.99.
The tech-heavy Nasdaq rose 3.05 points, or 0.14 per cent, to 2,261.27 while the broad-market Standard & Poor’s 500 index managed a gain of 2.65 points, or 0.21 per cent, to 1,251.70.

LONDON - European stocks closed higher on Friday, with investors betting that the US authorities will ensure that failing investment bank Lehman Brothers finds a saviour and ease the pressure on the banking sector.
In London, the FTSE 100 index was up 98.3 points, or 1.85 per cent, to 5,416.70 points.

FRANKFURT - Germany’s DAX 30 rose 55.99 points, or 0.91 per cent, to 6,234.89.

PARIS - France’s CAC 40 jumped 83.59 points, or 1.97 per cent, to 4,332.66 points.

TOKYO - The Tokyo Stock Exchange’s benchmark Nikkei-225 index closed up 112.26 points, or 0.93 per cent, to 12,214.76 ahead of a three-day weekend in Japan.

HONG KONG - Hong Kong share prices closed down 0.18 per cent on Friday, as weakness in Chinese banks offset earlier gains in property developers and energy firms.
The benchmark Hang Seng Index plunged 35.82 points to 19,352.90

WELLINGTON - The New Zealand share market rose to end the week, the benchmark NZSX-50 index closing up 28.15 points, or 0.844 per cent, at 3361.68.

SYDNEY - Australian markets have received a mixed lead from Wall Street, although the price of oil fell again in a special trading session overnight whilst gold and silver rose.
At 0722 AEST, the Sydney Futures Exchange’s September Share Price Index contract was 50 points higher, or 1.02 per cent, at 4,975.
In news today, the Australian Bureau of Statistics will release dwelling unit commencements data for June.
Reserve Bank of New Zealand assistant governor Dr John McDermott speaks at an Australian Business Economists lunch on “Monetary Policy Issues in New Zealand”.
Base metals and uranium explorer Aluminex Resources Ltd is to list on the Australian securities exchange.
On Friday, the benchmark S&P/ASX200 was up 89.5 points, or 1.86 per cent, to 4,903.8, while the broader All Ordinaries added 85.6 points, or 1.76 per cent to 4,957.1.

NYMEX

In energy trading on Friday, crude oil briefly fell below $100 a barrel despite threats to Gulf energy supplies from Hurricane Ike, suggesting traders still believe a soft economy will keep driving down demand.
Light, sweet crude for October delivery ended Friday 31 cents higher at $101.18 a barrel, after briefly sinking to $99.99.
That was the first time oil traded below $100 since April 2.
In a special trading session on the NYMEX last night Australian time, crude oil fell to a six-month low and gasoline tumbled amid signs that refineries along the Gulf of Mexico coast will soon resume operations after escaping major damage from Hurricane Ike.
More than 20 per cent of the US’s oil refining capacity was shut, limiting fuel deliveries and prompting the Department of Energy to release 309,000 barrels from its strategic reserves. New York Mercantile Exchange electronic trading opened early today to allow traders to respond to Ike.
Crude oil for October delivery fell $2.18, or 2.2 per cent, to $99 a barrel at 4.26 pm (0626 AEST) on the Nymex. Futures touched $98.46, the lowest since February 26.
Prices are up 25 per cent from a year ago.
Gasoline for October delivery fell 10.86 cents, or 3.9 per cent, to $2.661 a gallon in New York.
Oil in New York has fallen 33 per cent from a record $147.27 a barrel on July 11 as high prices and slowing global economic growth reduce demand for fuels. Sales at US retailers dropped in August for a second straight month and July inventories at American businesses increased the most in four years, Commerce Department reports showed last week.

COMEX

Gold for December delivery rose $19 to settle at $764.50 an ounce on the New York Mercantile Exchange on Friday, after earlier rising to $770.50. It was gold’s first positive close in 10 days.
Other precious metals also traded higher Friday. December silver rose 24 cents to settle at $10.795 an ounce, while December copper gained 7.2 cents to settle at $3.194 a pound.

NEW YORK - Wall Street receded again on Wednesday after a US Government report on retail sales and a jump in oil prices raised concerns on whether consumer spending could generate economic growth.
The Commerce Department said retail sales slipped 0.1 per cent as rising prices soaked up economic stimulus payments to households. Excluding a big drop in sales of automobiles, retail sales rose 0.4 per cent. But even on that basis, it was the weakest showing in five months.
Wall Street had expected sales to remain flat after a minor increase in June. The report followed a warning from department store Macy’s Inc that its full-year profits would fall short of expectations due to slower sales.
The Dow Jones industrial average lost 109.51 points, or 0.94 per cent to 11,533. The broader Standard & Poor’s 500 index slid 3.76 points, or 0.29 per cent to 1,285.83, while the NASDAQ declined 1.99 points, or 0.08 per cent, to 2,428.62.

LONDON - European stock markets dived on Wednesday after heavy losses in Asia and a dip in early Wall Street trading.
In London, the FTSE 100 index of leading companies lost 85.9 points, or 1.55 per cent, to close at 5,448.6.

FRANKFURT - The Dax plummeted 2.49 per cent, or 163.68 points, to 6,422.19.

PARIS - The CAC 40 dropped 2.56 per cent, or 115.51 points, to 4,402.97.

TOKYO - Japan share prices closed down 2.11 per cent, hit by renewed worries about the health of the world’s top banks and news of a contraction in the domestic economy. Exporters’ shares suffered after the US dollar fell back below the 109 yen level, dimming prospects for Japanese companies’ overseas earnings.
The Tokyo Stock Exchange’s benchmark Nikkei-225 index lost 280.55 points to end at 13,023.05.

HONG KONG - Hong Kong shares closed down 1.6 per cent, falling for a fourth consecutive day on renewed credit worries.
The benchmark Hang Seng Index dropped 347.57 points to 21,293.32.

WELLINGTON - New Zealand shares closed down 0.25 per cent Wednesday, with volatile trading in third-ranked Fletcher Building after it announced annual profit just above expectations, but that the outlook remained uncertain.
The benchmark NZX-50 index fell 8.39 points to 3,345.235.

SYDNEY - The Australian stock market is expected to open lower following falls on Wall Street, although at 0750 AEST the Sydney Futures Exchange’s September share price index futures contract was just four points down at 4,910.
In economic news today, the Australian Bureau of Statistics releases average weekly earnings data for the May quarter, and Westpac and the Melbourne Institute release their index of consumer inflation expectations.
Annual results are due from ASX Ltd, Leighton Holdings Ltd, Futuris Corp Ltd and Stockland Ltd.
PMP Ltd will release interim results, and retailer David Jones will issue fourth quarter and full year sales figures.
The Retail Financial Services Forum enters day two of three, at Sydney’s Darling Harbour.
In Sydney, Macquarie Communications Infrastructure Group chief executive Scott Davies addresses the American Chamber of Commerce in Australia.
The Australian share market closed lower on Wednesday, largely attributable to volatility returning to the US financial sector.
The benchmark S&P/ASX200 index dropped 102 points to 4,951.6, while the broader All Ordinaries fell 94.4 points to 4,995.9.

NYMEX

Crude oil futures rose more than $2 a barrel after a US Energy Department report showed a bigger-than-forecast decline in inventories of gasoline as refiners shut units and imports fell.
Gasoline supplies dropped 6.39 million barrels to 202.8 million barrels last week, the biggest decline since October 2002 when Hurricane Lili and Tropical Storm Isidore disrupted output along the Gulf of Mexico.
Crude oil for September delivery rose $2.99, or 2.6 per cent, to settle at $116 a barrel on the New York Mercantile Exchange, the biggest one-day gain since July 30. Futures touched $112.31 yesterday, the lowest since May 2.

COMEX

Gold rose for the first time this month on speculation a 12 per cent decline since the end of July that had erased this year’s gains was exaggerated. Silver also rose.
The rebound capped eight straight losing sessions, and came after the price touched $808.60 an ounce yesterday, the lowest since December 21.
Gold futures for December delivery rose $16.90, or 2.1 per cent, $831.50 an ounce on the Comex division of the New York Mercantile Exchange, after earlier touching $836.40.
Gold’s rally is the biggest percentage gain for a most-active contract since June 26.
Silver futures for September delivery jumped 36 cents, or 2.5 per cent, to $14.845 an ounce on the Comex.
Silver has declined 0.5 per cent this year while gold has dropped 0.7 per cent.

NEW YORK - US stocks closed modestly higher today as falling oil prices eased inflation fears and the market shrugged off an escalating deadly conflict between Russia and Georgia.
The Dow Jones industrial average rose 48.03, or 0.41 per cent to 11,782.35, after the blue chips’ 302-point jump on Friday.
The Standard & Poor’s 500 index rose nine, or 0.69 per cent to 1,305.32, while the NASDAQ rose 25.85, or 1.07 per cent to 2,439.9.

LONDON - Europe’s major stock markets gained ground on Monday, boosted by the weakening euro against the dollar, and as traders monitored escalating violence between Russia and Georgia.
In London the FTSE 100 index added 52.6 points, or 0.96 per cent, to close at 5,541.80.

FRANKFURT - The Dax ended 47.98 points higher, or 0.73 per cent, at 6,609.63.

PARIS - The CAC 40 rose 46.64 points, or 1.04 per cent, to 4,538.49.

TOKYO - Japanese share prices closed up 1.99 per cent on Monday supported by gains on Wall Street, a fresh fall in the cost of crude oil and a weaker yen, which is good for exporters.
The Tokyo Stock Exchange’s benchmark Nikkei 225 index rose 262.50 points to end at 13,430.91.

HONG KONG - Hong Kong share prices closed down 0.12 per cent on Monday, holding up despite a plunge in the Shanghai bourse.
The benchmark Hang Seng Index dropped 25.87 points to 21,859.34.

WELLINGTON - New Zealand shares closed up 0.37 per cent on Monday as investors took heart from a strong close on Wall Street at the end of last week.
The benchmark NZX 50 index rose 12.37 points to 3,370.19.

SYDNEY - The Australian stock market is expected to open marginally higher today after the return of volatility on Wall Street overnight, with all three major US indices see-sawing their way to positive closes.
At 0748 AEST, the Sydney Futures Exchange’s September share price index futures contract was 19 points higher at 5,040.
On the agenda today, National Australia Bank Ltd releases its monthly business survey for July, and a St George Bank Ltd provides an operational briefing.
In equities, Cochlear Ltd and WorleyParsons Ltd are to release annual results.
Dexion Ltd, APN News & Media Ltd and Australian Agricultural Co Ltd are to release interim results, and Optus parent Singapore Telecommunications Ltd is to provide results for the first quarter.
Adelaide Resources is having a general meeting.
The Australian share market closed up over half a per cent on Monday.
The benchmark S&P/ASX200 index rose 39.9 points to 5,026.1, while the broader All Ordinaries rose 31.7 points to 5,069.3.

NYMEX
Crude oil prices sank Monday as the market worried about weakening demand, particularly in the eurozone and China, after Chinese oil imports fell sharply.
New York’s main contract, light sweet crude for September delivery, fell 75 cents to close at $US114.45 a barrel.
The contract hit an intraday low of $US112.72, its lowest level since May 2.
In London, Brent North Sea crude for September delivery slipped 66 cents to settle at $US112.67. Its session low was $US111.07.
Fears of recession in the eurozone gained momentum on Monday after official data showed a sharp fall in French industrial production in June.
The market particularly focused on news that oil imports to China, the world’s second-thirstiest oil importer after the United States, fell seven per cent in July, the steepest decline since December.
Oil prices also fell as the US dollar strengthened, which makes dollar-priced commodities more expensive for buyers with weaker currencies.

COMEX

Energy and metals prices fell again, widening last week’s sharp losses as the dollar regained more ground against other major world currencies.
The metals markets also saw big sell-offs last week, with gold dropping 5.7 per cent, silver declining 12.5 per cent, and copper losing 6.9 per cent.
Precious metals sank again in trading Monday, as the US dollar moved higher against the euro and pound.
Gold for December delivery lost $US36.50 to settle at $US828.30 an ounce on the NYMEX. Silver for September delivery fell 71 cents to settle at $US14.62 an ounce on the NYMEX.
In base metals, September copper fell 4.13 cents to settle at $US3.2915 a pound.
Grain prices finished mixed Monday in trading made erratic by speculative buying ahead of Tuesday’s crop report from the US Department of Agriculture.
Wheat and soybean prices jumped, but corn finished lower, dragged down by a selloff in crude oil prices.
Because corn is the main ingredient in ethanol, its price is often affected by the energy markets.

NEW YORK - US stocks fell 1.8 per cent after weak readings on economic growth and the job market touched off renewed concerns about the financial health of businesses and consumers.
The Commerce Department’s report that gross domestic product grew at a 1.9 per cent pace in the second quarter disappointed investors.
Investors were also concerned about Labor Department data saying that the number of people seeking jobless benefits jumped to the highest level in five years.
The Dow Jones Industrial Average lost 205.67 points, or 1.78 per cent, to 13,3787.02 and the Standard & Poor’s 500 broad-market index dropped 16.68 points to 1,267.38.
The tech-heavy Nasdaq composite declined 4.17 points to 2,325.55.
The yield on the 10-year US Treasury bond fell to 3.979 per cent from 4.048 per cent Wednesday and that on the 30-year bond dropped to 4.603 per cent from 4.638 per cent.

LONDON -European stocks closed generally weaker on US and eurozone data that dented market sentiment and in response to mixed corporate results.
In London the FTSE 100 index shed 8.80 points to 5,411.90.

FRANKFURT - The DAX gained 19.44 points to 6,479.56.

PARIS - The CAC 40 jettisoned 8.19 points to 4,392.36.

TOKYO - Japanese stocks closed little changed after a day spent as the market awaited a raft of corporate earnings and key US data.
The Tokyo Stock Exchange’s benchmark Nikkei-225 index gained 9.02 points to 13,376.81.

HONG KONG - Hong Kong share rose modestly, reflecting cautious trade ahead of key US economic data and interim corporate results.
The benchmark Hang Seng Index rose 40.5 points to 22,731.1.

WELLINGTON - The benchmark NZSX-50 index advanced 48.52 points to 3336.28.

SYDNEY - The Australian stock market is expected to fall about one per cent after Wall St was rocked by disappointing US economic growth and job market figures.
On the Sydney Futures exchange, the September share price index futures contract fell 48 points, or 0.96 per cent, to 4,930.
Today, the Australian Industry Group/PricewaterhouseCoopers Australian Performance of Manufacturing Index for July is released.
So to the Securities/Melbourne Institute inflation gauge for July and the Reserve Bank of Australia commodity price index for July.
Australian shares closed firmly in the black yesterday for the second consecutive day, driven by a positive US lead and higher prices overnight for copper, nickel and oil.
The benchmark S&P/ASX200 index added 40.7 points, or 0.82 per cent, to 4,977.4 while the broader All Ordinaries gained 43.9 points to 5,052.6.

NYMEX
Oil prices ended lower, pulling back from the previous day’s rally, as disappointing data on the US economy signaled further cutbacks in energy demand for the world’s thirstiest consumer.
In another sign Americans are driving less, US filling stations hungry for business continued to ratchet down retail gas prices, with a gallon of regular falling on average 1.7 US cents to $US3.909, according auto club AAA, the Oil Price Information Service and Wright Express.
Light, sweet crude for September delivery fell $US2.69 to settle at $US124.08 a barrel on the New York Mercantile Exchange, a day after the contract soared more than $US4 in the biggest one-day jump in two weeks.

COMEX
Gold strengthened as fear about a slowing US economy stimulated more interest in the perceived safe haven investment.
Gold for August delivery rose $US11.00 to settle at $US913.90 an ounce on the New York Mercantile Exchange.
September silver gained 32.5 US cents to settle at $US17.79 an ounce
Copper for September delivery firmed $US1.55 cents to $US366.15 a pound on the New York Mercantile Exchange.

NEW YORK - US stocks fell 2.1 per cent after an International Monetary Fund report predicting continuing problems in the credit and housing market put stress on financials.
The IMF said the bottom of the housing market was still not visible.
Sentiment was also soured by the weekend closure of two regional banks and a rise in oil prices.
The Dow Jones Industrial Average plunged 239.61 points, or 2.11 per cent, to 11,131.08 and the Standard & Poor’s 500 broad-market index lost 22.39 points to 1,234.37.
The tech-heavy Nasdaq composite slipped 46.31 points to 2,264.22.

LONDON - European stock exchanges fell on renewed financial sector fears following the failure of two US banks over the weekend.
In London the FTSE 100 index lost 40.00 points to 5,312.60

FRANKFURT - The Dax lost 30.45 points to 6,351.15

PARIS - The CAC 40 shed 52.73 points to 4,324.45

TOKYO - Japanese stocks rose slightly after a modest boost from gains on Wall Street in the wake of better-than-expected US economic data.
The benchmark Nikkei dropped 268.55 points to 13,334.76

HONG KONG - Stocks fell on profit-taking in property plays and ongoing concerns about credit markets.
The benchmark Hang Seng Index reversed 53.5 points to 22,687.21.

WELLINGTON - The New Zealand sharemarket made modest gains, helped by a rise in top stock Telecom.
The benchmark NZSX-50 index added 2.41 points to 3256.57

SYDNEY - The Australian stock market is expected to open sharply lower after Wall St fell two per cent on predictions the worst of the housing crisis was yet to come.
On the Sydney Futures exchange, the September share price index futures contract dropped 99 points, or 2.01 per cent, to 4,838.
Today, Alesco Corporation Ltd releases annual results, Harvey Norman Holdings Ltd releases annual sales results and Centennial Coal releases its fourth quarter production report.
The Australian share market continued its losing streak yesterday, falling almost one per cent after the financial sector fell on concerns about ANZ Bank’s increased debt provisions.
The benchmark S&P/ASX200 index shed 48.4 points, or 0.97 per cent, to 4922.1, while the broader All Ordinaries dipped 39 points to 4989.9.

NYMEX
Oil prices rose Monday, approaching $US125 a barrel after militants sabotaged two oil pipelines in Nigeria and Iran claimed that it had doubled the size of its nuclear program but signaled a willingness to work with the US.
The gains, however, were tempered by more evidence that high gas prices are causing Americans to keep their cars off the roads.
The US Transportation Department said Monday that US drivers logged 9.6 billion fewer vehicle miles (15.3 billion fewer vehicle kilometers) in May - or 3.7 per cent - compared to the same period last year, the biggest drop ever for the historically busy summer driving month.
Light, sweet crude for September delivery rose $US1.47 to settle at $US124.73 a barrel on the New York Mercantile Exchange.

COMEX
Precious metals rose as the sharemarket fell and the US dollar weakened against the euro, making them a more attractive investment.
Gold for August delivery rose $US3.30 to settle at $US940.20 an ounce on the New York Mercantile Exchange.
September silver rose 17.5 US cents to settle at $US17.55 an ounce
Copper for September delivery gained 70 US cents to $US361.20 a pound on the New York Mercantile Exchange.

NEW YORK - US stocks rose 0.2 per cent, boosted by better-than-expected reports on orders for durable manufactured goods and new home sales that eased fears about a sinking economy.
Orders for durable manufactured goods rose 0.8 per cent in June, confounding expectations of a drop of 0.3 per cent.
The Commerce Department said June sales of new single-family homes fell by 0.6 per cent to a seasonally adjusted annual rate of 530,000 units; the market expected sales to total 505,000.
Both reports helped offset concerns raised by a weak reading on existing home sales on Thursday.
The Dow Jones Industrial Average rose 21.41 points, or 0.19 per cent, to 11,370.69 and the Standard & Poor’s 500 broad-market index added 5.22 points to 1,257.76.
The tech-heavy Nasdaq composite gained 30.42 points, or 1.33 per cent, to 2,310.43.
The yield on the 10-year US Treasury bond increased to 4.111 per cent from 4.016 per cent and that on the 30-year bond rose to 4.696 per cent against 4.638 per cent.

LONDON - European stock exchanges ended the week with mixed fortunes but were generally boosted by better than expected economic news from the United States.
In London the FTSE 100 index shed 9.70 points to 5,352.60

FRANKFURT - The Dax lost 3.99 points to 6,436.71

PARIS - The CAC 40 advanced 29.19 points to 4,377.18

TOKYO - Japanese stocks fell two per cent as investors sold exporters such as Toyota Motor Corp on concerns about the health of the US economy and a stronger yen.
The benchmark Nikkei slipped 268.55 points to 13,334.76

HONG KONG - Shares fell as weaker-than-expected US economic data prompted investors to lock in profits.
The benchmark Hang Seng Index dropped 347.01 points to 22,740.71.

WELLINGTON - The benchmark NZSX-50 index dropped 33.07 points to 3254.16.

SYDNEY - The Australian stock market is expected to open higher after Wall St rose Friday on better-than-expected manufacturing and housing data.
At 0650 AEST on the Sydney Futures exchange, the September share price index futures contract rose 24 points to 5,006.
Today, Housing Industry Association (HIA) new home sales data for June is released along with the National Australia Bank second quarter business confidence survey.
Australand Property Group Ltd releases its interim results and Australian Foundation Investment Co Ltd its annual results.
The Australian share market fell over three per cent on Friday after troubling news from National Australia Bank (NAB) related to losses from investments in risky US mortgages, and a weak lead from Wall Street.
The benchmark S&P/ASX200 index finished down 173.6 points, or 3.37 per cent, to 4,970.5 while the broader All Ordinaries shed 157.4 points, or 3.03 per cent, to 5,031.

NYMEX
Oil prices sank to their lowest point in weeks Friday as investors questioned whether crude has cooled enough to reflect a serious deterioration in demand.
Light, sweet crude for September delivery fell $US2.23 to settle at $US123.26 a barrel in on the New York Mercantile Exchange. Earlier the contract dropped as far as $US122.50, its lowest point since June 5.
In London, September Brent crude fell 97 US cents to settle at $US124.52 a barrel on the ICE Futures exchange.
In the latest sign that Americans continue to struggle with soaring energy prices, filling station operators hungry for business ratcheted down the average price for a gallon (3.8 litres) of regular by two cents, according to auto club AAA, the Oil Price Information Service and Wright Express.

COMEX
Precious metals rose Friday as a fresh drop in the dollar and speculation that crude oil’s plunge may soon end fed safe-haven buying of gold, silver and copper.
Gold for August delivery rose $US3.50 to settle at $US926.80 an ounce on the New York Mercantile Exchange.
September silver rose 7.7 US cents to settle at $US17.375 an ounce
Copper for September delivery fell $US2.80 to $US360.50 tonne on the New York Mercantile Exchange.

NEW YORK - US stocks fell in choppy trade amid growing investor doubts that a safety net set up for mortgage financiers Fannie Mae and Freddie Mac would head off further troubles in the financial markets.
The Treasury and the Federal Reserve said Sunday that they would aid the companies if needed.
Fears for the health of firms like banks were exacerbated after IndyMac was taken over by federal regulators at the weekend.
The blue-chip Dow Jones Industrial Average fell 45.35 points, or 0.41 per cent, to 11,055.19 and the Standard & Poor’s 500 index declined 11.19 points to 1,228.30.
The Nasdaq composite index shed 26.21 points to 2,212.87.
The yield on the 10-year US Treasury bond fell to 3.860 per cent from 3.964 and that on the 30-year bond fell to 4.440 per cent against 4.536 per cent.

LONDON - Europe’s stock markets rebounded as investors welcomed measures to bolster US mortgage finance firms.
The FTSE 100 index added 38.80 points to 5,300.40

FRANKFURT - The DAX added 46.95 points to 6,200.25

PARIS - The CAC 40 rose 41.89 points to 4,142.53

TOKYO - Japanese shares gave up early gains to post modest losses as optimism over US steps to shore up two troubled mortgage giants receded.
The Tokyo Stock Exchange’s benchmark Nikkei-225 index lost 29.53 points to 13,010.16. The broader Topix index of all first-section shares slipped 5.19 points to 1,280.72.

HONG KONG - Shares fell on lucklustre local developers and a slump by banking giant HSBC.
The Hang Seng Index dropped 170.09 points to 22,014.46

WELLINGTON - NZ stocks fell over one per cent as the US government tried to calm markets over new troubles in the mortgage market.
The NZSX-50 index dropped 41.44 points to 3080.10.

SYDNEY - The Australian stock market is expected to open lower after US stocks slipped on lingering concerns about the health of the financial system.
On the Sydney Futures exchange, the September share price index futures contract lost 37 points, or 0.75 per cent, to 4,900.
Today, the Reserve Bank of Australia releases the minutes of its July 1 board meeting.
The Australian share market fell to its lowest closing level in almost two years yesterday, with most market sectors losing ground, due to continuing signs of weakness in the US economy.
The benchmark S&P/ASX200 index fell 58.9 points, or 1.18 per cent, to 4,921, while the broader All Ordinaries Index fell 59.9 points, or 1.18 per cent, to 5,007.9.

NYMEX
Oil settled above $US145 a barrel for the third time this month, close to where it began on Monday, after a back-and-forth trading session that mimicked last week’s wild swings.
Light, sweet crude for August delivery gained 10 US cents to settle at $US145.18 a barrel on the New York Mercantile Exchange - just over a dime short of the all-time settlement high.
In London, August Brent crude fell 57 US cents to settle at $US143.92 a barrel on the ICE Futures exchange.
Monday’s oil price swings came as President George W. Bush lifted an executive ban on offshore oil drilling. That alone will not loosen tight global supplies in the short term because a Congressional prohibition remains in place and any new wells would take years to complete.

COMEX
Gold continued its upward charge as investors stayed nervous about the state of global sharemarkets and fears heightened of a possible US or Israeli attack on Iran.
At 0703 AEST, spot gold was $US971.70 per fine ounce, UP $US7.05 from yesterday’s Sydney close of $US964.65.
On the COMEX division of New York Mercantile Exchange, August futures gained $US13.10 to $US973.70 an ounce.
Copper futures rose $US1.20 to $US375.20 as stockpiles fell amid continued fears of strikes in Peru.

INTERNATIONAL NEWS

WASHINGTON - Shares in Fannie Mae and Freddie Mac struggled anew Monday after a near-meltdown last week, as investors mulled a weekend plan offering a government lifeline for the US mortgage finance giants.

NEW YORK - Freddie Mac attracted more bidders Monday for a highly anticipated auction of $US3 billion in short-term securities than it had nearly all year, a day after the federal government provided support for the mortgage giant.

WASHINGTON - The US Federal Reserve on Monday tightened home mortgage lending in a bid to improve consumer protection from practices blamed in part for the worst US real-estate crisis in decades.

SAN FRANCISCO - Apparently abandoning hopes for a truce with Yahoo Inc, investor Carl Icahn sharpened his focus on replacing the Internet company’s board Monday after his attempt to negotiate a deal with Microsoft Corp. was angrily rejected.

DETROIT - General Motors Corp is planning to announce some restructuring moves Tuesday in response to falling US sales.

LOCAL NEWS

SYDNEY - The Rudd government is poised to announce a $5 billion plan to slash Australia’s carbon emissions, which relies on unproven sequestration technology.

SYDNEY - The prospect of even higher fuel and energy prices under the move to carbon emissions trading has failed to dent voter support for Prime Minister Kevin Rudd.

Stocks to watch on the Australian stock exchange today:

TOL - TOLL HOLDINGS LTD - up 19 cents to $6.57
VBA - VIRGIN BLUE HOLDINGS LTD - up two cents to 52.5 cents
Toll Holdings Ltd will exit its majority stake in Virgin Blue by paying a special dividend to shareholders, using its shares in the airline.

HER - HERALD RESOURCES LTD - down one cent to $2.92
Takeover target Herald Resources Ltd has rejected a claim that Indonesia company PT Basya Tunggal Jaya holds an interest in the Dairi zinc project in North Sumatra.

LEI - LEIGHTON HOLDINGS LTD - down 45 cents to $45.60
Al Habtoor Leighton Group, in which Leighton Holdings Ltd holds a 45 per cent stake, won a 2.25 billion UAE Dirham ($A632.9 million) project in Abu Dhabi to build a hotel and office development.

WES - WESFARMERS LTD - down 57 cents to $32.40
Coles owner Wesfarmers Ltd has hit back at analysts’ claims that it has moved too slowly with its planned transformation of the supermarket chain, saying several initiatives were underway.

NEW YORK - Wall Street tumbled Wednesday as investors grappled with renewed worries about the soundness of the financial sector. The major indexes fell more than two per cent, including the Dow Jones industrial average, which lost more than 230 points.
While many financial services companies logged steep declines during the session, government-sponsored lenders Freddie Mac and Fannie Mae were among those hardest hit. Investors are worried that the mortgage finance companies will have to sell more shares than anticipated to compensate for losses from the housing slump.
Merrill Lynch & Co. also dropped, after Fitch Ratings put its long-term credit default rating on watch for a possible downgrade.
With dismal bank and lender earnings expected in the coming weeks, investors were unable to keep buying a day after stocks, including financials, had logged sharp gains.
Selling accelerated amid light volumes, which tends to skew price moves.
The Dow fell 236.77, or 2.08 per cent, to 11,147.44.
The Standard & Poor’s 500 index fell 29.01, or 2.28 per cent, to 1,244.69, while the Nasdaq composite index fell 59.55, or 2.60 per cent, to 2,234.89.
The pullback left both the Dow and S&P 500 back in bear market territory, with both indexes having logged declines of more than 20 per cent since their October highs.
Bond prices edged higher Wednesday. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 3.81 per cent from 3.89 per cent late Tuesday.

LONDON - European stock markets closed higher Wednesday in a rebound sparked by a sharp fall in oil prices and hopes the US Federal Reserve will continue to support banks hit by the US subprime home loan crisis.
Dealers said sharp gains on Wall Street on Tuesday, led by the banks on encouraging comments from Fed chairman Ben Bernanke, made for a solid day in Asia on Wednesday and set the stage for a European recovery too after very heavy losses.
They said the tone remained cautious however and the gains technical, with most markets down 20 percent or more since their late 2007 highs amid concerns there is more bad news to come for the banks on their subprime exposure.
In London, the FTSE 100 index closed up 89.1, or 1.64 per cent at 5,529.60.

FRANKFURT - The DAX index ended at 6,386.46 points, up 82.05, or 1.30 per cent.

PARIS - The CAC-40 index closed at 4,339.66 points, up 64.05, or 1.50 per cent.

TOKYO - Japanese shares closed 0.15 per cent higher Wednesday as Wall Street rallied on lower oil prices, but dealers said reports of an Iranian missile test could weigh on market sentiment.
The Tokyo Stock Exchange’s benchmark Nikkei-225 index firmed 19.03 points to end at 13,052.13.

HONG KONG - The benchmark Hang Seng Index finished 585 points up, or 2.8 per cent, at 21,805.81.

WELLINGTON - New Zealand shares consolidated Tuesday’s rebound, mirroring positive Australian and US markets.
The benchmark NZSX-50 closed up 16.87 points, or 0.5 per cent, to 3177.46 on turnover worth $NZ103 million ($A81.42 million).

SYDNEY - The Australian share market is expected to open lower today after US equities fell as investors grappled with renewed worries about the soundness of the financial sector.
At 0819 AEST on the Sydney Futures exchange, the September share price index futures contract fell 65 points to 4,929.
In economic news, the Australian Bureau of Statistics releases its labour force data for June.
The Westpac/Melbourne Institute index of consumer inflation expectations for June is also due.
In company news, thermal coal company APAC Coal lists.
CSR Ltd holds its annual general meeting.
United Group Ltd managing director Richard Leupen addresses the American Chamber of Commerce in Australia on “The Tale of Two Booms - Resources and Infrastructure.”
The Bennelong Australian Equity Partners launch is expected.
Yesterday, the Australian share market lifted as investors snapped up stocks that now look cheap after being beaten down on the back of higher oil prices, the global credit crunch and fears of an economic slowdown.
The benchmark S&P/ASX200 index gained 79 points, or 1.6 per cent, to 5011.9, while the broader All Ordinaries added 67 points, or 1.33 per cent, to 5089.4.

NYMEX
Oil prices finished about where they began Wednesday after jumping more than $US2 earlier on reports of lower US oil stockpiles and an Iranian missile test.
Light, sweet crude for August delivery rose a penny to settle at $US136.05 a barrel on the New York Mercantile Exchange, but prices shifted between positive and negative territory as traders parsed details of the inventory report following its midmorning release. In aftermarket trading, oil prices fell 40 cents to $US135.64 a barrel.
The moves follow two days of steep declines that left prices 6.4 per cent below last week’s record high.
Figures from the Energy Information Administration showed US oil supplies fell by 5.9 million barrels last week, a decline of two per cent. That is far above the 1.9 million barrels forecast by analysts surveyed by the energy research firm Platts.
In addition, gasoline stockpiles rose more than expected, partly offsetting the decline in crude. Inventories of distillate fuel, which include diesel and heating oil, also rose, but less than analysts anticipated.
Prices rose as high as $US138.28 earlier in the day following reports that Iran’s elite Revolutionary Guards fired missiles during war games that officials said were meant to show that the key oil producer can retaliate against a US or Israeli attack, state television reported.
Iran is the world’s fourth-largest oil producer and OPEC’s second-largest exporter. Oil traders fear any military conflict could prompt Iran to block the Strait of Hormuz, a passageway that handles about 40 percent of the world’s tanker traffic.
In other Nymex trading, heating oil futures fell 3.14 cents to $US3.8516 a gallon while gasoline futures lost 1.77 cents to $US3.3808 a gallon. Natural gas futures dropped 36.2 cents to $US12.006 per 1,000 cubic feet.

COMEX
Corn futures fell for a fourth day Wednesday on expectations that record-high prices for the grain will cut into demand for animal feed and ethanol. Soybeans rose sharply.
Other futures traded mostly higher, with gold, silver and copper all rebounding after a big two-day sell-off in commodities. Crude oil inched higher by a penny.
Corn prices rose to a record near $US8 a bushel last month as severe flooding swallowed huge swaths of farmland in the Midwest. A dose of warm, dry weather has helped dry out waterlogged crops in recent days, sending prices sharply lower.
Still, traders are betting corn’s rally will lead to a drop in demand from livestock owners, who rely on the grain as the chief ingredient in animal feed. Ethanol producers are also planning to scale back production because of the high price of corn, the main feedstock for the alternative fuel produce in the US.
In precious metals, gold futures rose slightly after the dollar fell against the euro, boosting demand for the metal as an inflation hedge.
Gold for August delivery rose $US5.30 to settle at $928.60 on the Nymex, after earlier rising as high as $US930.50.
In other Nymex trading, September silver rose 22 cents to settle at $US18.175 an ounce while September copper gained 4.25 cents to settle at $US3.739 a pound.

NEW YORK - Tumbling oil prices fuelled a rally on Wall Street, helping investors shake off renewed fears about a credit squeeze and further economic turmoil that hit global markets earlier in the day.
Ailing banking stocks led the rebound, after some encouraging comments from Federal Reserve chairman Ben Bernanke, who indicated the central bank was likely to extend emergency loans to investment firms.
The blue-chip Dow Jones Industrial Average jumped 152.25 points, or 1.36 per cent, to 11,384.21 after a mixed opening.
The Nasdaq tech-dominated composite index rallied 51.10 points, or 2.28 per cent, to 2,294.42 and the Standard & Poor’s 500 index advanced 21.39 points, or 1.71 per cent, to close at 1,273.7.

LONDON - Britain’s top share index closed 1.3 per cent lower, driven down by sharp falls in heavyweight commodity stocks that tracked crude and metal prices lower, while banks continued to struggle.
The FTSE 100 closed at 5,440.5 points, down 72.2 or 1.31 per cent.

FRANKFURT - The DAX index ended at 6,304.41 points, down 91.34 or 1.43 per cent.

PARIS - The CAC-40 index closed at 4,275.61 points, down 66.98 or 1.54 per cent.

TOKYO - The Nikkei stock average slid 2.5 per cent to its lowest close in nearly three months, dragged down by financials such as top lender Mitsubishi UFJ Financial Group amid renewed credit fears.
The Nikkei fell 326.94 points to end at 13,033.10, its lowest close since April 15.

HONG KONG - Hong Kong shares slid 3.2 per cent, with all stocks in the main index in the red, as jittery investors dumped blue chips on fears of more losses at US financials and amid a lack of market-boosting steps from China.
The Hang Seng Index closed down 692.25 points at 21,220.81, a 15-week low.

WELLINGTON - The share market rebounded more than one per cent, despite the release of further gloomy economic data and falling markets in the United States and elsewhere.
The NZSX-50 benchmark index closed up 39.1 points at 3160.6, on turnover totalling $NZ103.6 million ($A81.76 million).

SYDNEY - The Australian share market is expected to open higher today after US equities gained as the oil price fell and the Federal Reserve chairman indicated the central bank was likely to extend emergency loans to investment firms.
Mining and energy stocks may decline after oil and metals prices slipped overnight.
At 0800 AEST on the Sydney Futures exchange, the September share price index futures contract rose 38 points to 4,999.
In economic news, the Australian Bureau of Statistics releases housing finance data for May and Westpac and the Melbourne Institute release their consumer sentiment index for July.
In company news, Insurance Australia Group Ltd will hold an investor briefing.
Yesterday, the Australian stock market fell to its lowest levels since August 2006 after the financial sector dragged the market down.
The benchmark S&P/ASX200 index was down 69.6 points, or 1.39 per cent, at 4932.9, while the broader All Ordinaries lost 69.3 points, or 1.36 per cent, to 5022.4.
It was the S&P/ASX 200’s lowest close since 15 August 2006 when it finished at 4936.

NYMEX
US crude oil futures fell for a second day in a row on Tuesday, ending nearly four per cent lower on pressure from a stronger dollar and forecasts that eased worries about Hurricane Bertha.
The losses added to a three per cent selloff on Monday as the market retreated after surging to a record above $US145 on Thursday before the Independence Day holiday.
The market is waiting for weekly US inventory data due Wednesday. Analysts polled by Reuters expect a 1.8 million barrel drawdown in crude supplies, a 200,000 barrel drop in gasoline stocks and a 1.9 million barrel build in distillates, which include heating oil and diesel fuel.
Oil markets remain concerned about Iran’s dispute with the West over Tehran’s nuclear program.
On the New York Mercantile Exchange, August crude settled $US5.33 lower, or 3.77 per cent, at $US136.04 a barrel.
A NYMEX record high price of $145.85 was hit on Thursday.
In London, August Brent crude ended down $US5.44, or 3.83 per cent, at $US136.43 a barrel.
August RBOB finished down 11.96 cents, or 3.43 per cent, at $US3.3631 per gallon. It struck a record $US3.5927 on Thursday.
MasterCard Advisors, citing poor weather conditions and high pump prices, estimated that last week’s pre-July 4 holiday weekend gasoline demand averaged 9.4 million barrels per day, down 1.2 per cent from the previous week and 3.9 per cent from the same week last year.
August heating oil ended down 14.94 cents, or 3.76 per cent, at $US3.8202 a gallon. It reached a record $US4.1350 on Thursday.

COMEX
Gold ended slightly lower on Tuesday, paring early losses as some new fund buyers were undaunted by additional declines in crude oil prices along with a rebound in the dollar, compelling other players to cover short positions.
Spot gold moved up to $US921.95 per ounce from session lows, but remained lower than $US925.75 in late Monday trade in New York.
Earlier it touched a session low of $US912.50 an ounce.
When the low held during a bout of heavy midday selling, some buyers regained the confidence to jump back into gold and buy the lows.
On the COMEX division of New York Mercantile Exchange, August futures lost $US5.50, or 0.6 per cent, to end at $US923.30 an ounce, well off the session low of $US913.
As the day began, gold prices slid as weaker oil prices dented interest as an inflation hedge and undermined confidence in commodities as a whole.
Among other precious metals, silver declined to $US17.67 an ounce against $US17.82 late in New York.
Spot platinum fell to a new five-week low of $US1,948.50 an ounce, before steadying to trade at $US1,959.00 from $US1,977 late in New York.
The metal is being pressured by fears over falling demand from carmakers as the US economy falters. Platinum is widely used in autocatalysts.
Spot palladium fell to $US442.00 an ounce from $US447.00 an ounce.

LONDON METAL EXCHANGE
Aluminium fell by 5.7 per cent on Tuesday, retreating from the previous session’s record high as large stocks offset worries about power problems in China and softer oil prices dampened sentiment.
Aluminium for three-month delivery on the London Metal Exchange hit an intraday low at $US3,120 per tonne before closing at $US3,145, down by five per cent or $US165. On Monday, it rallied five percent to a record high of $US3,327 per tonne.
Copper hit an intraday low of $US8,150.25 a tonne, down 3.1 per cent, before closing at $US8,200 versus Monday’s $US8,412.
In New York, copper for September delivery ended down 15.25 cents, or nearly four percent, at $US3.6965 a pound on the the New York Mercantile Exchange’s COMEX division, its lowest level on a settlement basis since June 18.
The metal, used in wiring and construction, touched a record high of $US8,940 per tonne in London and crossed the psychological $US4.00 a pound mark in New York last week due to supply disruptions in Peru, the world’s second largest copper producer.
In aluminium, up to 45 per cent of smelting costs are accounted for by electricity and record high oil prices and power shortages have supported prices.
But with oil prices dropping on Tuesday by $US5 to around $US136 per barrel, the metal used in packaging and transport faced increasing selling pressure.
Lead bucked the falling trend, and closed unchanged at $US1,630 per tonne because of mildly bullish stocks data.
Zinc was down at $US1,750, after hitting an intraday low of $US1,760, down 4.3 per cent, from Monday’s close of $US1,840.
Nickel was at $US20,600, down from $US21,000 and tin fell to $US22,450 from $US22,750.

NEW YORK - Wall Street stocks fell following hefty market swings as investors fretted about the opening of the second quarter earnings season, sensing major banks could unveil further losses.
The leading Dow Jones Industrial Average declined 56.58 points, or 0.50 points, to end at 11,231.96. The Dow recovered some ground after falling over 100 points in earlier trading, partly on worries that corporate earnings may disappoint.
The tech-heavy Nasdaq composite dropped 2.06 points, or 0.09 per cent, to 2,243.32 while the Standard & Poor’s 500 index fell 10.59 points, or 0.84 per cent, to 1,252.31.

LONDON - Britain’s leading share index ended up almost two per cent as energy companies rebounded after last week’s fall, while lower crude prices boosted travel and leisure companies.
The FTSE 100 closed at 5,512.7 points, up 99.9 or 1.85 per cent.

FRANKFURT - The DAX index ended at 6,395.75 points, up 123.54 or 1.97 per cent.

PARIS - The CAC-40 index closed at 4,342.59 points, up 76.59 or 1.80 per cent.

TOKYO - The Nikkei stock average climbed 0.92 per cent on a softer yen and gains in other Asian markets, breaking its longest losing streak in more than half a century.
The benchmark Nikkei ended up 122.15 points at 13,360.04, its first gain after 12 days of losses.

HONG KONG - Shares jumped 2.28 per cent in their biggest gain in 13 weeks, on the back of strong advances in Chinese financials after positive earnings estimates from three banks.
The Hang Seng Index closed up 489.24 points at 21,913.06 after opening slightly lower.

WELLINGTON - The sharemarket toppled back into negative territory, erasing half of Friday’s two per cent bounce.
The NZSX-50 benchmark index fell 1.15 per cent, or 36.47 points, to 3121.44 on a sluggish $69 million turnover.

SYDNEY - The Australian share market is expected to open lower today after US equities declined overnight as financial companies fell on concerns they may have to raise more capital.
At 0811 AEST on the Sydney Futures exchange, the September share price index futures contract fell 47 points to 4,984.
In economic reports today, Dun & Bradstreet releases its business expectations survey for the September quarter.
National Australia Bank Ltd releases its monthly business survey for June.
In company news, Telstra Corporation Ltd group managing director public policy and communication Phil Burgess will address the American Chamber of Commerce in Australia on “two cultures re-examined.”
The local market declined yesterday as investors continued to fret over an economic slowdown and were spooked by a profit downgrade from property trust GPT Group.
The benchmark S&P/ASX200 index fell 79.6 points, or 1.57 per cent, to 5002.5, while the broader All Ordinaries dropped 78.3 points, or 1.51 per cent, to 5091.7.

NYMEX
US crude futures fell sharply Monday on a stronger dollar, profit-taking after last week’s surge above $US145 a barrel, and some optimism that Iran and the West may show some flexibility in negotiations over Iran’s nuclear program.
The view that Hurricane Bertha will avoid damaging Gulf of Mexico energy operations also was cited by traders as a factor pressuring crude oil.
On the New York Mercantile Exchange, August crude closed down $US3.92 or 2.7 per cent at $US141.37 a barrel.
A NYMEX record high price of $US145.85 was hit on Thursday.
In London, August Brent crude was down $US2.15 at $US142.27 a barrel.
The dollar hit 1-1/2 week highs against a basket of major currencies on Monday. It was up against the euro.
Iran’s foreign minister on Sunday expressed optimism about what he said was a “new environment” for talks with major powers over its nuclear program.
Hurricane Bertha should remain out of the Gulf of Mexico for at least the next five days, the U.S. National Hurricane Center said in an advisory on Monday.
August RBOB was down 8.80 cents, or 2.46 per cent, at $US3.4830 per gallon. It reached a record $3.5927 on Thursday.
August heating oil fell 11.94 cents, or 2.91 per cent, to $US3.9866 a gallon. It also reached a record $4.1350 on Thursday.

COMEX
Gold prices slipped along with oil on Monday in response to a rising dollar, but the yellow metal later trimmed those declines when the US currency erased its gains on the euro.
The dollar retreated when US equity markets extended their losses, amid falling energy shares and renewed credit market concerns.
Gold pulled off early lows to $US926.00 an ounce, though was still lower than $US932.50 an ounce in London on Friday, when US markets were closed for the Independence Day holiday.
Earlier, it touched a session low of $US914.50 an ounce, nearly two per cent below the level it traded at on Friday.
In New York, the August gold contract finished $US4.80 lower at $US928.80 an ounce on the COMEX division of New York Mercantile Exchange after falling as low as $US916.30.
Platinum group metals prices also slid, with platinum shedding 1.5 per cent to a one-month low and palladium just under one per cent weaker, as investors took profits after the metals’ recent gains, amid fears demand may slacken.
Platinum is chiefly used to make autocatalysts. Investors fear that falling car sales could hit PGM consumption, as the US economy falters.
Spot platinum was trading at $US1,973.00, its weakest level since June 5, down from $US2,009.00 in London on Friday.
Platinum has lost 13 per cent in value since hitting a record of $US2,290 in March. The metal, also used in jewellery, had rallied after a power crisis in main producer South Africa disrupted mining and sparked fears of a supply deficit.
Spot palladium slipped to $US446.50 an ounce from $US452.50 an ounce, while silver dropped to $US17.60 an ounce from $US18.07 late in London — well below an 11-week high of $US18.46 hit last week.

LONDON METAL EXCHANGE
Aluminium rallied five per cent to a fresh record on Monday as investors bet on higher prices of the energy-intensive metal amid escalating worries over power problems in the world’s biggest producer, China.
The metal used widely in packaging, transport and power jumped to $US3,327 a tonne, exceeding a previous record high of $US3,310 per tonne in May 2006. Three-month aluminium closed at $US3,310 a tonne on the London Metal Exchange, up $US142 from Friday.
The rise was triggered by Aluminium Corp of China (Chalco), which said the firm’s two aluminium smelters — with combined capacity of 500,000 tonnes — in Shanxi province had tight power supplies.
China’s aluminium smelting capacity is expected to reach 15 million tonnes by the end of the year compared with about 12 million tonnes in January, analysts say.
Copper ended at $US8,412 a tonne from a session high of $US8,590 and compared with $US8,470 a tonne on Friday. The metal used in power and construction is down nearly six per cent since hitting a record high of $US8,940 last week.
In New York, copper for September delivery ended down 10.00 cents, or 2.5 percent, at $US3.8490 a pound on the the New York Mercantile Exchange’s COMEX division.
Last week, the COMEX September contract peaked at $US4.08, its highest level since the May 5 record at $US4.22.
In other metals, zinc was up at $US1,840 a tonne from $US1,780 on Friday. Last week the metal used for galvanising steel fell to $US1,750 a tonne, its lowest since December 2005 as funds sold on expectations of rising supplies and stocks.
Lead gained to $US1,630 from $US1,565, nickel was at $US21,000 a tonne from Friday’s last bid at $US20,550 and tin was at $22,750 compared with $US22,400.

INTERNATIONAL NEWS

WASHINGTON - Singapore has shown interest in possibly buying up to 100 of Lockheed Martin Corp’s F-35 Joint Strike Fighter aircraft over coming decades, matching Israel’s tentative plans, the general in charge of the program for the Pentagon said.

WASHINGTON - Large-scale government intervention in the US housing crisis would be counterproductive and prevent a “necessary” correction in home prices, according to a Federal Reserve study released Monday.

WASHINGTON - The US Federal Reserve and the Securities and Exchange Commission said Monday that they had agreed to deepen ties to better monitor cash-strapped banks which are reeling from a credit crunch.

NEW YORK - US beer giant Anheuser-Busch said Monday a move by Belgian-Brazilian rival InBev to oust the board of the American group was a “self-serving” effort that failed to alter an inadequate takeover bid.

SAN FRANCISCO - Microsoft said Monday it is willing to reopen talks on a “major transaction” with Yahoo if the Internet giant replaces its board of directors.

BRUSSELS - Eurozone finance ministers threw their support on Monday behind the European Central Bank after it raised interest rates last week, leaving France isolated in its criticism of the ECB.

BRUSSELS - Signs of an economic slowdown are on the rise in the 15 countries sharing the euro while oil prices are likely to remain high, the head of the Eurogroup of eurozone finance ministers warned Monday.

VIENNA - Austria’s troubled grand coalition of conservatives and Social Democrats called it quits, as the vice-chancellor pushed for early elections after months of bitter wrangling.

BAGHDAD - Iraqi Prime Minister Nuri al-Maliki said on Monday he is negotiating a deal with Washington that will for the first time set a timetable for a withdrawal of foreign forces as part of a framework for a US troop presence into next year.

LIMA - Peru’s Perupetro and India’s Reliance Industries have set up a partnership to drill for oil and gas in potential oilfields in Peru, the president of Peru’s state-owned oil company said Monday.

LOCAL NEWS

PERTH - Free permits will not be a regular feature of Australia’s carbon trading scheme, West Australian Premier Alan Carpenter says.

MELBOURNE - Murchison Metals Ltd has vowed to stifle Sinosteel Corp’s $1.36 billion takeover bid for Midwest Corporation after the Chinese commodity trader refused to support a merger of the two iron ore companies.

Stocks to watch on the Australian stock exchange today:

GPT - GPT GROUP - down 36 cents, or 14.63 per cent, to $2.10
The property trust cut full-year operating income guidance by 27 per cent, sending shares in the company to a 24-year low, with the credit crisis forcing the company to put off asset sales.
Operating income for the 12 months to December will be $464 million rather than the $633 million forecast, Sydney-based GPT said.
The company also revised its distribution guidance to 20 cents per share.

BHP - BHP BILLITON LTD - down 95 cents to $39.75
Australia’s biggest oil and gas producer, has started first production from the $1.16 billion Neptune oil operation in the Gulf of Mexico, more than six months later than originally scheduled.
The 50,000 barrel per day facility was originally expected to be in production by the end of December, but that date was deferred until the end of March.

BFG - BELL FINANCIAL GROUP LTD - up 19.5 cents to $1.12
Bell has agreed to buy Southern Cross Equities for an expected $150 million in cash and scrip to create Australia’s largest independent broker.
Bell also announced that its net profit for the six months to June 30, 2008, fell 46 per cent to $9.0 million on lower corporate fee income and a reduction in brokerage revenue.

ILU - ILUKA RESOURCES LTD - down three cents to $4.49
Iulka has been granted a mineral lease for the Jacinth-Ambrosia mineral sands deposit site in the Eucla Basin in South Australia by the South Australian government.
The $420 million project, located 200 kilometres northwest of Ceduna, is expected to produce about 300,000 tonnes of zircon per year from 2010.
The granting of the mineral lease allows Iluka to proceed with various approvals to start infrastructure work, including roads and the establishment of water and power supplies.

MIS - MIDWEST CORPORATION LTD - unchanged at $6.38
Sinosteel Corp, China’s second largest iron ore trader, is close to gaining control of Midwest after increasing its stake in the iron ore miner.
The Chinese trader, which is pursuing a $1.36 billion takeover of Midwest, has upped its stake from 43.62 per cent to 45.58 per cent.

NEW YORK - The Dow sank into a bear market on Wednesday as US stocks fell on growing concerns about the toll that record oil prices are taking on the economy and corporate profits.
The Dow Jones industrial average tumbled 166.75 points, or 1.46 per cent, to 11,215.51. The Standard & Poor’s 500 Index lost 23.39 points, or 1.82 per cent, to close at 1,261.52, while the Nasdaq Composite Index slid 53.51 points, or 2.32 per cent, to 2,251.46.

LONDON - UK stocks shed 1 per cent, extending the previous session’s sharp losses as miners fell on weaker coal prices and Marks & Spencer slumped after a profit warning, though drugmakers rose.
The FTSE 100 closed at 5,426.3 points, down 53.6 or 0.98 per cent.

FRANKFURT - The DAX index ended at 6,305.42 points, down 10.52 or 0.17 per cent.

PARIS - The CAC-40 index closed at 4,296.48 points, down 44.73 or 1.03 per cent.

TOKYO - The Nikkei average fell 1.3 per cent to hit its longest losing streak in more than 40 years, as worries about the global economy hit exporters such as Canon.
The Nikkei lost 176.83 points to end at 13,286.37.

HONG KONG - Hong Kong shares fell 1.8 per cent to a three-month low, with investors anticipating more profit warnings from listed companies after Cathay Pacific warned of disappointing earnings in the first half.
The Hang Seng Index closed down 397.56 points at 21,704.45.

WELLINGTON - The sharemarket slipped to a new three-year low, albeit on light volumes as investors stayed away.
The NZSX-50 benchmark fell 11.8 points or 0.37 per cent to 3,163.38.

SYDNEY - The Australian share market is expected to open lower today after Wall Street stocks tumbled in volatile trade as crude oil prices raced to record highs triggering fresh economic jitters.
At 0746 AEST on the Sydney Futures exchange, the September share price index was down 97 points to 4,997.
In economic news today, the Australian Industry Group/Commonwealth Bank Australian Performance of Services Index (Australian PSI) for June is released.
The Australian Bureau of Statistics (ABS) international trade in goods and services data for May is due.
The Business Council of Australia president Greg Gailey addresses the Committee for Economic Development of Australia (CEDA) on `Australia’s Emissions Trading Scheme - an opportunity’.
The Australian share market closed in negative territory yesterday after falls from the resource sector and big retailers.
The benchmark S&P/ASX200 index was 44.1 points, or 0.86 per cent, lower at 5094.8, while the broader All Ordinaries lost 49.5 points, or 0.94 per cent, to 5211.6.

NYMEX
Oil prices shot to a record high over $US144 a barrel on Wednesday after a drop in US crude inventories stoked supply concerns.
US crude hit a record $US144.15 a barrel in post settlement trade on Wednesday after settling up $US2.60 at $US143.57 a barrel.
London Brent settled up $US3.59 at $US144.26 a barrel after hitting an all-time high of $US144.76.
Fears of an escalation in the showdown between Iran and the West over Tehran’s nuclear program have helped push oil prices to fresh peaks amid speculation that Israel is preparing a preemptive strike against Iran.

LONDON METAL EXCHANGE
Copper prices hit a two-month high on Wednesday, supported by worries over supply due to a labour dispute in Peru and by a weaker dollar, while aluminium hit a four-month high.
Copper for three-month delivery on the London Metal Exchange touched $8,795 per tonne, its highest since April 17 when it hit a record high of $8,880 a tonne. It closed at $8,720 from $8,610 at the close on Tuesday.
Aluminium ended at $3,200 on Tuesday from $3,155 on Tuesday and compared with an earlier $3,205 a tonne - the highest level since March 10.
Zinc ended at $1,865 from $1,930 a tonne on Tuesday. Earlier it fell by 4 per cent to $1,854.75 a tonne.
Lead closed at $1,705 versus $1,766 on Tuesday, tin edged down to $23,200 from $23,600 on Tuesday and nickel slipped to $21,150 a tonne, down from $21,550 a tonne.

COMEX
Gold ended higher on Wednesday, with record crude oil and weakness in the dollar lifting bullion after investors took profits early in the session.
The August gold contract on COMEX division of New York Mercantile Exchange settled up $2.00 at $946.50 an ounce.
Gold traded $942.60/943.60 by New York’s last trade against $938.40/939.40 late in New York. It rallied to a high of $945.80 an ounce on Tuesday, its strongest since April 18.
Among other precious metals, silver climbed to $18.32/18.39 an ounce from $18.08/18.13 late in New York on Tuesday, when it rallied as high as $18.19, its loftiest level since May 27.
Spot platinum ended slightly down at $2,065.50/2,085.50 an ounce from $2,069.00/2,089.00 late in New York.
Spot palladium was little changed at $463.00/471.00 an ounce from its previous finish of $464.00/472.00 an ounce.

INTERNATIONAL NEWS

LONDON - US Treasury Secretary Henry Paulson said on Wednesday the United States must find a way regulators can allow investment banks to fail without threatening the stability of the financial system.

SAN FRANCISCO - Unable to strike a deal on its own, Microsoft reportedly is hoping to snap up Yahoo’s online search operations with the help of News Corporation and Time Warner.

WASHINGTON - Four senior US senators said on Wednesday they have pledged to work together on legislation aimed at ensuring China and other US trade partners maintain currency regimes that follow International Monetary Fund and World Trade Organization rules.

LONDON - Retail giant Marks and Spencer, regarded as a barometer of consumer sentiment in Britain, saw its share price dive by almost a quarter after delivering a gloomy profits warning.

TORONTO - Rioting in Mongolia’s capital over alleged election fraud could further blur the timetable for getting government approval for Ivanhoe Mines’ big Oyu Tolgoi copper-gold deposit, analysts said on Wednesday.

NEW YORK - The cost to insure the debt of General Motors Corp jumped to a record high on Wednesday after a Merrill Lynch analyst said the automaker will need to raise as much as $US15 billion ($A15.72 billion) in cash and bankruptcy is “not impossible.”

PARIS - The German former chief executive of Airbus, Gustav Humbert, has been charged with insider trading at the planemaker’s parent company EADS.

LIMA - Workers at several crucial mines in Peru threatened to join a nationwide strike that entered its third day on Wednesday, as hundreds of miners in hard hats marched through Lima to demand a bigger share of corporate profits.

SPRINGFIELD, Massachusetts - A US federal judge has ordered former hedge fund manager Samuel Israel back to New York to face new charges after he surrendered to authorities, ending a nationwide manhunt triggered after he faked his own death to avoid a 20-year prison sentence.

STOCKS TO WATCH ON THE AUSTRALIAN STOCK EXCHANGE TODAY:

JST - JUST GROUP LTD - down 40 cents, or 12.58 per cent, to $2.78
Takeover target Just downgraded its earnings forecast for this year on the back of a slowdown in consumer spending.

BBG - BILLABONG INTERNATIONAL LTD - down 24 cents to $10.35
Billabong has snapped up southern California-based skateboard brand Sector 9 for an undisclosed sum.

ANN - ANSELL LTD - up eight cents to $9.48
Ansell has paid $11.4 million to buy US military glove supplier Hawkeye Glove Company as the company expands into the military market.

QAN - QANTAS AIRWAYS LTD - down nine cents to $3.15
Plans by Qantas to float nearly half of its frequent flyer business on the stock exchange could generate between $1 billion and $3 billion, giving its shareholders a tidy return.

BSL - BLUESCOPE STEEL LTD - up two cents to $11.14
Bluescope has completed a successful debt raising in the US private placement market for $US325 ($A340.49) million.

MCW - MACQUARIE COUNTRYWIDE TRUST - up 3.5 cents to 88 cents
Macquarie CountryWide Trust has restructured its key debt facility to remove covenants linked to both its gearing level and its interest cover ratio.

WDC - WESTFIELD GROUP - down 32 cents to $15.48
Westfield Group is to build a STG1.5 billion ($A3.13 billion) shopping centre in east London after reaching agreements with UK government and Olympic agencies.

(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 finished mixed following heavy losses at the end of last week as investors girded for an interest rate policy meeting of the Federal Reserve amid troubled economic times.
The Dow Jones Industrial Average ended down a slight 0.33 points at 11,842.36.
The tech-dominated Nasdaq composite sank 20.35 points, or 0.85 per cent, to 2,385.74, while the broad-market Standard & Poor’s 500 index gained 0.07 points, or 0.01 per cent, to a close of 1,318.00.
All three indices had suffered large falls on Friday, with the Dow tumbling below 12,000 points for the first time since March, amid renewed worries about the financial and auto sectors, and as oil prices pushed higher.
Most economists expect the US central bank to leave its base rate pegged at two per cent following a two-day meeting which kicks off on Tuesday despite tough talk on inflation from Fed chairman Ben Bernanke.

LONDON - Britain’s index of leading shares closed 0.83 per cent higher, recouping some of last week’s losses, as heavyweight energy stocks tracked crude prices higher and defensive drugmakers gained.
The FTSE 100 gained 46.4 points to 5,667.2, having fallen 1.5 per cent on Friday. The commodity-heavy index easily outperformed peers in Germany and France.

FRANKFURT - The DAX index ended at 6,589.46 points, up 11.02 or 0.17 per cent.

PARIS - The CAC-40 index closed at 4,511.37 points, up 2.1 or 0.05 per cent.

TOKYO - Japan’s Nikkei stock average slid 0.61 per cent to a nearly one-month closing low as Mitsubishi Estate and other property developers took a beating on reports of lower condominium prices, while blue-chip exporters slid after Wall Street tumbled.
The Nikkei lost 84.61 points to 13,857.47, its lowest since May 28.

HONG KONG - Shares moved sideways in skittish trade, as a rally in offshore oil producer CNOOC on climbing global oil prices was offset by caution over an expected interest rate hike from Beijing.
The Hang Seng Index closed down 0.13 per cent, or 30.64 points, at 22,714.96.

WELLINGTON - The New Zealand sharemarket staged a comeback as bargain hunters appeared to hop off the sidelines.
After falling 1.7 per cent to a 30-month low on Friday, the New Zealand market shook off growing gloom on Wall St and closed up 0.1 per cent or 4.31 points to 3287.55.

SYDNEY - The Australian share market is expected to open lower after industrial metals and gold fell in overnight trading.
At 0750 AEST on the Sydney Futures exchange, the September share price index was down 13 points at 5,264.
In company news today, Brambles Ltd is expected to announce a trading update.
BHP Billiton Ltd chief executive Marius Kloppers will host a briefing on steelmaking materials business.
The Environment Business Australia forum on the cost of climate change on infrastructure investment will be held.
Yesterday, the Australian share market recovered from earlier losses to end marginally in the red, after taking its lead from a rout on Wall Street over the weekend.
At the close, the benchmark S&P/ASX200 index was down 4.6 points, or 0.09 per cent, at 5,283.7, while the broader All Ordinaries fell 2.9 points, or 0.05 per cent, to 5,408.9.

NYMEX
US crude oil futures ended higher on Monday on fears that an oil workers’ strike in Nigeria could widen to enlarge output outages following recent attacks on oil facilities there.
Saudi Arabia’s output boost, deemed too little to limit soaring prices, also supported oil futures, as did Middle East tensions, especially over Iran’s nuclear program.
A stronger dollar did cause crude futures to seesaw from an early peak, but supply uncertainty preserved upward momentum.
On the New York Mercantile Exchange, new front-month August crude settled up $US1.38, or 1.02 per cent, at $US136.74 per barrel, trading from $US134.05 to $US138.14.
The front-month record high $US139.89 was struck June 16.
In London, August Brent crude ended up $US1.05, or 0.78 per cent, at $US135.91 a barrel.
NYMEX July RBOB finished 1.59 cents, or 0.46 per cent, higher at $US3.4551 a gallon.
July heating oil ended up 2.47 cents, or 0.65 per cent, at $US3.7964 a gallon.

LONDON METALS EXCHANGE
Aluminium rose to its highest level in more than three months on Monday and expectations are for further gains as the market prices in rising energy costs.
Aluminium touched $US3,169 a tonne, its highest since March 14 and a gain of about 25 per cent since the beginning of this year. Prices are only about $US150 from the record high of $US3,310 a tonne seen in May 2006.
It closed at $US3,143 a tonne from $US3,150 on Friday.
Prices of aluminium used widely in power, packaging and construction have been boosted this year by power shortages in China and rising costs of energy, which make up about one-third to 45 per cent of smelting costs.
Analysts estimate average costs of smelting aluminium at around $US2,500 a tonne.
Supply disruptions in India, Brazil, Australia and the United States have also helped to boost sentiment.
Copper for three-month delivery ended slightly down at $US8,400 on the London Metal Exchange from $US8,435 at Friday’s close. Earlier the metal, used extensively in power and construction, hit $US8,490, the highest since May 19.
In New York, copper for July delivery ended down 2.25 cents at $US3.8095 a pound, after touching $US3.8505, the highest since May 19.
Copper hit a record high of $US8,880 on April 17 and has since come under pressure from worries about weaker demand from China, the world’s largest consumer.
A stronger dollar has also weighed on copper, used as a base metals benchmark by investors. A higher US currency makes metals denominated in dollars more expensive for holders of other currencies.
Nickel closed at $US21,850 a tonne from $US22,400 a tonnes. Sentiment in the nickel market has been hit by expectations of a slowdown at stainless steel mills.
Zinc was at $US1,926 from $US1,945 on Friday, lead at $US1,865 from $US1,880 and tin at $US23,300 from $US22,700.

COMEX
Gold tumbled nearly three per cent in volatile trade on Monday, ending just above $US880 an ounce as a sudden rise in the dollar against the euro prompted panic selling by funds in exchange for cash.
However, a resurgence in physical demand after gold dipped below $US880 an ounce put a floor in prices.
Gold was at $US883.45 an ounce by New York’s last quote, against $902.05 late on Friday. It touched a session low of $US877.00.
Silver fell almost five per cent to a session low of $US16.56 an ounce, then recovered and was last at $US16.79 against its US close of $US17.40 on Friday.
The gold contract for August delivery on COMEX division of New York Mercantile Exchange settled down $US16.50, or 1.8 per cent, at $US887.20 an ounce.
Among other precious metals, spot platinum slipped to $US2,043.50 an ounce from $US2,058.50 late in New York on Friday.
Palladium was last at $US468.00 an ounce from its Friday’s U.S. finish of $US473.50 an ounce.

NEW YORK - US stocks fell 0.9 per cent as financial shares were hurt after number one investment bank Goldman Sachs warned that US banks would have to raise as much as $US65 billion in capital to shore up their balance sheets.
In a positive development, Goldman Sachs posted an 11 per cent fall in quarterly earnings that exceeded expectations by avoiding major losses on assets linked to US sub-prime mortgage debt.
The Dow Jones industrial average shed 108.78 points, or 0.89 percent, to 12,160.30 and the Standard & Poor’s 500 Index lost 9.21 points to 1,350.93.
The Nasdaq Composite Index gained 17.05 points to 2,457.73.

LONDON - UK stocks rose after Goldman Sachs’s relatively strong result boosted banking stocks.
The FTSE 100 added 67.3 points to 5,861.9

FRANKFURT - The DAX index advanced 66.28 points to 6,796.16

PARIS - The CAC-40 index rallied 28.59 points to 4,686.33

TOKYO - The Nikkei stock average fell slightly as investors took profits after the previous day’s gains and ahead of crucial US inflation data.
The Nikkei edged back 6 points at 14,348.37.

HONG KONG - Stocks after a strong US lead but gains were pared by inflation worries on the mainland.
The Hang Seng Index firmed 28.30 points to 23,057.99

WELLINGTON - The NZSX-50 index slipped 1.7 points to 3,404.6.

SYDNEY - The Australian share market is expected to open lower after US stocks fell on a warning from Goldman Sachs that US banks will need to raise billions of dollars in capital.
On the Sydney Futures exchange, the June share price index was down 10 points at 5,409.
Today, the Australian Bureau of Statistics releases merchandise imports data for May.
The Australian stock market closed in positive territory yesterday, buoyed by strong gains in the resource and energy sectors.
The benchmark S&P/ASX200 index rose 51 points, or 0.95 per cent, to 5,422.7, while the broader All Ordinaries gained 49.6 points to 5,525.9.

NYMEX
Oil prices slipped from record highs on Tuesday on plans by top exporter Saudi Arabia to increase crude output to help curb soaring fuel costs.
The move by the OPEC kingpin came as American and British regulators imposed position limits on US crude contracts on the London-based ICE exchange amid concerns speculators are pushing prices above levels supported by supply and demand.
US crude settled down 60 US cents at $US134.01 a barrel after hitting a record $US139.89 on Monday. London Brent crude settled 99 US cents lower at $US133.72 a barrel.
United Nations chief Ban Ki-moon said over the weekend that Saudi Arabia was set to raise its oil output to 9.7 million barrels per day in July, up 550,000 bpd from May.
The plan comes ahead of a June 22 meeting between oil producing and consumer nations in Saudi Arabia as protests against high fuel costs spread across the globe.

LONDON METALS EXCHANGE
Copper prices were underpinned by a weak dollar and robust industrial production data from China, which boosted expectations of strong demand, traders and analysts said.
Aluminium touched its highest level in almost a month at $US3,046 per tonne, boosted by high oil prices and worries about supplies from China, while zinc hit $US1,850, its lowest in more than two years, on concerns about a surplus this year.
Benchmark copper on the London Metal Exchange ended at $US8,088 a tonne in open outcry trade, down $US12 from its close on Monday when it touched $US8,159, a high since May 28.
Aluminium rose to $US3,046 from $US2,975 a tonne.
The energy-intensive metal used in power, packaging and transport spiked back above the $3,000-level on worries about supplies from China, the world’s top producer and consumer.
Zinc ended at $US1,875 a tonne from $US1,880.
Lead finished at $US1,865 a tonne from $US1,811, nickel at $US24,150 from $US23,950 and tin at $US22,025 from Monday’s last quote at $US21,945/21,950.

COMEX
Gold ended a touch higher on Tuesday, recovering from session lows as buying increased after the dollar softened against the euro following disappointing US economic data.
The precious metal came under pressure in earlier trade as traders took profits after a strong session on Monday, when gold had risen to an intraday high of $US894.70 an ounce on the weaker dollar.
New York August gold on the COMEX division of New York Mercantile Exchange rose $US0.60 at $US886.90 an ounce.
July silver on the COMEX division fell 15.7 US cents to $US17.075.
At 0630 AEST, the spot price of gold was $US883.70, down $US1.90 on last night’s Sydney close.