Energy

Mixed, with a lack of conviction, is the way last night’s trading US stock markets could be described as the Dow recovered early losses to finish higher. We are now playing a waiting game.

According to Scotia Capital it is again time to be bullish on commodities, with preferred exposures being iron ore, coking coal, zinc, copper and aluminium.

The US Fed back-flipped on Friday, declaring an appreciable downside risk to the US economy. In cutting its discount rate, the Fed sparked a 233 point rally in the Dow.

In an extraordinary night that followed an extraordinary day, commodity prices collapsed, US bond yields were clipped, the yen accelerated its buyback and Wall Street found a bottom.

The crisis formerly known as subprime is reaching the status of an emergency. And as we speak, two hurricanes are brewing in the south.

Global inflation levels have been held in check during the emerging markets boom as China in particular has exported deflation. Will it be different now?

Credit problems at a leveraged prime mortgage lender and lowered expectations from Wal-Mart conspired to send the Dow tumbling 200 points once more.

The Dow spent all day in solid positive territory on low volume, only to slip away at the death.

Beach Petroleum and partner Anzon each sold 10% in the Basker-Manta-Gummy project to Itochu, placing themselves in a stronger financial position.

Wall Street gyrated wildly on Friday, ending virtually unchanged as the Fed and ECB stepped up their liquidity injections.