Midday Market Roundup 29/09/2008
Our market has started the week off in a disappointing fashion – down 13 at midday – the SFE Futures suggested a 48 point rise this morning. Up 52 at best, down 12 at worst.
Companies in the News
Australian Economy
Bailout, Banks and More Collapses
US Congressional leaders and the Bush administration have reached a tentative deal on a bailout of imperiled financial markets that could cost taxpayers hundreds of billions of US dollars.
Some Realism In The Markets
As dramatic and potentially damaging the US financial problems are, it's the impact on the US economy that remains the main game.
Markets: Hope?
US economists say there's an increasing chance that the Federal Reserve could make an emergency interest rate cut in the next few days in the wake of the $US700 billion bailout legislation going through to try and boost confidence across the US economy.
Commodities: Watch Pilgrim's Pride
Suddenly, the gyrations of commodity markets and the price of oil no longer seem so dramatic, or headline grabbing.
DIARY
The coming week will see financial markets continue to focus on the turmoil in the US financial system and the $US700 billion bailout plan, which seems to have been sorted out.
Australia Market Report of September 26: Waiting for US Bailout to Finalize
US political leaders have struck an agreement in principle on a $US700 billion bailout plan to revive the troubled financial system. It is hoped both houses of US congress will vote on the plan within days. Wall Street and European markets have reacted positively to the news, with major indices recording gains of around two per cent.
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