Fri 03 July 2009


Overnight Markets A weak US jobs report on Thursday roiled financial markets and traders' already sagging hopes for a second-half economic rebound. Consumer stocks including Home Depot and energy companies including Chevron paced a broad sell-off. At the end of a holiday-shortened week of trading, the most eagerly anticipated report on the economy was a stark letdown. The US Labor Department said nonfarm payrolls shed 467,000 jobs in June, a much greater decline than the 350,000 economists in a Dow Jones Newswires survey had expected. Monthly payroll declines had narrowed steadily since hitting about 700,000 job losses at the start of the year. However, last month's figure was 322,000, meaning the June report moved in the opposite direction and cast serious doubt for those expecting the economy to pickup in the already begun second half. The unemployment rate continued to creep toward double digits, rising 0.1 percentage point to 9.5%, its highest level in more than 25 years. Wages remained stagnant from the previous month. Overall, the Dow Jones Industrial Average closed down 223.32 points (2.63%) at 8,280.74. Base metals on the London Metal Exchange traded lower while equities declined and the US dollar strengthened. Aluminium fell $22 (1.32%) to $1,640 while copper weakened $90 (1.76%) to $5,025 and nickel rose $250 (1.54%) to $16,500. Zinc dropped $15 (0.94%) to $1,575 and lead shed $35 (2.01%) to $1,705. Comex copper was last quoted at 229.00 US cents per pound. Gains posted by the US dollar combined with pre-holiday liquidation to send gold and other precious metals lower. Spot gold was last quoted at $927.30. Comex gold futures slid $10.30 (1.09%) to $931.00. Spot silver was last quoted at $13.38. Crude accelerated its decline after US payrolls fell more than expected last month, shaking confidence in an economic recovery by the world's largest energy user. West Texas Intermediate was last quoted at US$66.73 per barrel. The US dollar posted relatively large gains versus the euro and most other major currencies on Thursday, after a weak US June nonfarm payrolls report encouraged currency players to shy away from risk ahead of Friday's US Independence Day holiday.


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From Monday 22 June 2009 please update your records as follows:-

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Introduction of Automatic Close-Out Requirement

The ASX have advised that as from 30 March 2009 an automatic settlement 'close-out' will be introduced for trades which have failed to settle. This close-out will occur after trade plus 5 days (T+5). As a Settlement Participant DJ Carmichael is obligated to ensure all trades are settled on trade plus 3 days (T+3) as per ASX Market Rules and ACH Settlement Rules as noted in our Terms and Conditions.

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