2010-06-28
Market Report – 28 June 2010
» The Australian dollar rose more than one US cent during the Friday session as weaker than expected growth in the US economy prompted investors to sell the dollars with all the majors gaining ground.
» The G20 meeting over the weekend focused on how quickly governments should remove stimulus. The US, Japan and European nations agreed to the 2013 deficit commitment.
» US sharemarkets recovered from early losses on Friday. The weak economic growth data weighed on markets in early trade, but the banking sector received a boost after the financial regulation bill was not as heavy handed as previously thought. The ended the session relatively flat. Over the week the Dow Jones fell by 2.9% and the S&P 500 down 3.6% and Nasdaq fell 3.7%.
» European shares fell to a fresh two-week closing low on Friday. The weak US economic growth data weighed on investor sentiment. Energy stocks were also weaker as BP fell 6.4% to a 14-year low. Banking stocks recovered after the three sessions of weakness.