Stabilisation in financials gave way to renewed weakness last night as carry trade unwinding reignited. Gold and copper collapsed.
Wall Street went nowhere for most of the session, coming to terms with economic data and corporate developments.
The Dow bounced back over 300 points last night following good news in retail and financials, and a sharp drop in the oil price.
The move to risk aversion accelerated last night as credit crunch phase II intensifies. Gold copped the brunt of the selling.
PNG is renowned for its mineral abundance, and the island of New Britain is the site of three exciting copper-gold-molybdenum systems. Recently incorporated Coppermoly has initiated an IPO with the goal of exploiting these highly prospective projects.
It started on Thursday but was dampened by a misplaced short covering rally. Tech took a dive on Wall Street on Friday as financials tried to hang in. The Dow fell over 200 points.
The Dow bounced back from a 200+ point loss while the tech sector melted overnight. Rio rejected an offer from BHP.
The Dow plunged 360 points last night on a number of issues, the most prevalent being the same old story – financial sector woes.
The Dow put on over 100 points as the ever-weakening US dollar sent commodities skyrocketing and there was some buying in the financial sector.
Asia called the Dow down 2% yesterday but got only 0.4% last night in another volatile session.