The market is down 96. The SFE Futures were down 76 this morning.

The Dow Jones fell 156. Just when you thought the dead cat would bounce. European markets all down over 1%. Financials led the fall as the run on Greek banks continues. The ECB has temporarily suspended lending to some Greek banks. Spanish bank Bankia (recently partially nationalised) fell 25% as 1bn euro is withdrawn by customers. Spanish bond yields rose again. Fitch Ratings cut Greece’s long term credit rating to CCC from B-. Moody’s followed by downgrading 16 Spanish banks. US economic stats generally disappointing — The May Philadelphia Fed, April leading economic indicators and latest batch of weekly jobless claims numbers all below best expectations. Oil prices hit a six month low. Gold up $37. A US bond auction saw a negative yield (!)… paying for protection.

Main points:

  • Best and Worst performers — Here is a list of the best and worst 20 performers in the ASX 200 since May 1 — in that time the ASX 200 is down 8.29%.

  • Resmed Inc (RMD) has announced they will start paying dividends next financial year. RMD is down 0.61% to 327c.
  • Paladin Energy (PDN) has advised that their Malawian workforce has returned to work at their Kayelekera Mine. PDN is down 7.06% to 118.5c.
  • Commonwealth Bank (CBA) says they have made emergency plans to shield the bank from potential losses should Greece exit from the euro. CBA is down 2.33% to 4984c.
  • PanAust (PNA) said at their AGM yesterday that they expect to pay an interim dividend in the 2nd half of the year as they finalise a $450m capital expenditure program. PNA is down 0.73% to 273c.

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Just when you thought the dead cat would bounce.

Peter Fray

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