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Epic ASX
Time: 16:35:30
Mid Price: 2889.26
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Market: All Share Index
Sector: General Mining
Epic: ASX
News: Latest news
Web Site: UK Market Wrap
Other Articles: 17-03-201017-03-201017-03-2010

Friday, February 05, 2010

FTSE 100 poised for lower open ahead of non-farm payrolls update, commodities fall

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The FTSE 100 is projected to extend gains and shed a further 0.4% in early trade after slipping 2.2% yesterday after a jobless claims update in the US showed an unexpected increase of 8000 to 480,000 last week ahead of today’s crucial non-farm payrolls data from the Labor Department. Concerns over the debt situation in two more eurozone countries, Spain and Portugal, further dented sentiment and weakened European stocks.

In the US, the Dow Jones Industrial Average slipped 2.6% in the worst day of trading since April 2009, sliding back to 10,000. The broader S&P 500 index fell 3.1% and the technology heavy NASDAQ composite was down 3%.

Asian markets also were bearish. Hong Kong’s Hang Seng index was down 3%, China’s Shanghai Composite Index slid 1.9%, Japan’s benchmark Nikkei 225 lost 2.9%, Australia’s S&P/ASX 200 retreated 2.3% and South Korea’s KOSPI pulled back 3.1%.

Miners and financials were the heaviest fallers in the FTSE 100 yesterday. Kazakhmys (LSE: KAZ) and fellow base metal miner Antofagasta (LSE: ANTO) tumbled 9.5% and 8%, while banking group Barclays (LSE: BARC) also lost 8%. Eurasian Natural Resources (LSE: ENRC) and Vedanta Resources (LSE: VED) were down 7%, as was another bank Lloyds (LSE: LLOY). Xstrata (LSE: XTA) and Randgold Resources (LSE: RRS) declined 6% along with Royal Bank of Scotland (LSE: RBS).

Just five FTSE 100 constituents were in the black with just two tacking on more than 1%. Mobile operator Vodafone (LSE: VOD) and software developer Autonomy Corp (LSE: AU) added 3.6% and 2.7% respectively. Associated British Foods (LSE: ABF) and pharmaceutical company GlaxoSmithKline (LSE: GKS) added nearly 1% and defence and aerospace systems manufacturer BAE Systems (LSE: BA) was flat.

Commodities

Oil prices were down sharply due to the declines in stock markets. March Brent Crude slid to US$72.26/barrel, while US light, sweet crude retreated to US$73.46/barrel on the New York Mercantile Exchange.

Precious metals also declined as gold fell to US$1,065/oz, while silver and platinum slid to US$15.32/oz and US$1,486/oz respectively.

Base metals followed with copper and nickel sliding down to US$2.89/lb and US$7.99/lb, while zinc was down to US$0.92/lb.

The non-farm payrolls update will be out at 1:30 PM GMT.

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