New Zealand/Australia Morning Call-Global markets

-----------------------(07:16 / 1816
GMT)-----------------------
Stock Markets
S&P/ASX 200 4,107.80 +56.50 NZSX 50 2,837.85
+46.20
DJIA 8,865.36 -78.45 Nikkei 9,081.43
+498.43
NASDAQ 1,620.88 -26.52 FTSE 4,403.92
+38.96
S&P 500 0,918.40 -12.59 Hang Seng 14,243.43
+501.20
SPI 200 Fut 4,027.00 -71.00 CRB Index 260.02
+3.18
Bonds
AU 10 YR Bond 94.885 +0.080 US 10 YR Bond 3.764
-0.033
NZ 10 YR Bond 5.820 +0.010 US 30 YR Bond 4.210
-0.059
Currencies (Prev at 7pm NZST)
AUD US$ 0.6698 0.6843 NZD US$ 0.5838
0.5963
EUR US$ 1.2772 1.2830 Yen US$ 97.75
99.06
Commodities
Gold (Lon) 753.00 Silver (Lon) 10.310

Gold (NY) 734.80 Light Crude 60.47
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Overnight market action. An update will be sent after the
close of New York markets.

EQUITIES

NEW YORK - U.S. stocks dipped on Monday as investors
expressed doubts about whether China's deep-pocketed stimulus
plan would avert a global economic slump and shares of General
Motors (GM.N: Quote, Profile, Research) fell to 62-year lows on worries about the
carmaker's dwindling cash.

The Dow Jones industrial average .DJI dipped 47.15
points, or 0.53 percent, to 8,896.66. The Standard & Poor's
500 Index .SPX shed 9.00 points, or 0.97 percent, to 921.99.
The Nasdaq Composite Index .IXIC fell 19.31 points, or 1.17
percent, to 1,628.09.

For a full report, double click on [.N]

- - - -

LONDON - Britain's FTSE 100 .FTSE rose 0.9 percent in a
global equities rally on Monday, powered by mining stocks after
China's almost $600 billion stimulus package plan boosted hopes
of solid demand for commodities.

The FTSE 100 .FTSE ended 38.96 points higher at 4,403.92
points, but way off its day's high of 4,524.87 points.

For a full report, double click on [.L]

- - - -

TOKYO - The Nikkei average gained 5.8 percent on Monday as
China's nearly $600 billion economic plan helped boost investor
confidence, encouraging buying of shippers and machinery firms
such as Hitachi Construction Machinery. (6305.T: Quote, Profile, Research)
[ID:nN09395080]

In light trade, the benchmark Nikkei .N225 climbed 498.43
points to close at 9,081.43, after ending Friday down 3.6
percent.

The broader Topix .TOPX gained 4.3 percent to 916.65.

For a full report, double click on [.T]

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FOREIGN EXCHANGE

NEW YORK - The U.S. dollar fell against the euro on Monday
as news of a large economic stimulus package from China made
traders more willing to take on risk.

In midday New York trading, the euro EUR= rose 0.3
percent against the dollar to $1.2772. It had jumped to an
intraday high at $1.2927 as some analysts said the currency
could be the main beneficiary of China's stimulus package.

Against the yen JPY=, the dollar gave up early gains and
last traded down 0.3 percent at 97.94 yen, while the euro was
down at 125.13 yen EURJPY=R.

For a full report, double click on [USD/]

- - - -

TREASURIES

NEW YORK - U.S. Treasury debt prices reversed early losses
and rose on Monday when stocks erased an early climb and turned
lower, reviving investors' taste for safe-haven U.S. government
debt.

Benchmark 10-year Treasury notes US10YT=RR were up 6/32
in price after the auction. Previously, they were up 4/32.
Ten-year note yields, which move inversely to prices, eased to
3.77 percent from 3.78 percent before the auction and 3.79
percent late on Friday.

For a full report, double click on [US/]

- - - -

COMMODITIES

GOLD

LONDON - Gold rose more than 4 percent on Monday as dollar
weakness and sharp gains across commodities sharpened appetite
for the precious metal, but retreated from highs as the dollar
recovered some lost ground against the euro.

Spot gold XAU= hit a peak of $767.80 an ounce, before
easing back to $751.10/753.10 by 1552 GMT, against $735.95 late
in New York on Friday.

U.S. December gold futures GCZ8 rose more than 2 percent
and were trading at $751.30, up $17.10.

For a full report, double click on [GOL/]

- - - -

BASE METALS

LONDON - Copper jumped 11 percent on Monday, pulling all
industrial metals higher, on hopes that China's $600 billion
economic stimulus plan will boost demand.

Nickel rallied more than 13 percent, while zinc climbed
around 7 percent, but they later trimmed their gains, along
with copper, as analysts said the move may not be enough to
change the short-term bearigh demand outlook for metals.

London Metal Exchange copper MCU3 rallied as high as
$4,171.75 a tonne, up 11 percent but closed at $3,875 per tonne
after trimming some gains, still up $120 from Friday's close of
$3,755 a tonne.

For a full report, double click on [MET/L]

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OIL

NEW YORK - Oil prices steadied on Monday as concerns about
the mounting global economic crisis offset Saudi Arabia's move
to cut supplies and China's launch of a $600 billion stimulus
plan.

U.S. crude CLc1 was up 6 cents, at $61.10 a barrel by
12:01 EST (1701 GMT), after rising as high as $65.56 on news of
China's stimulous plan. London Brent crude LCOc1 rose 35
cents to $57.70.

For a full report, double click on [O/R]

- - - - ((Australia/New Zealand bureaux; +61 2 9373
1800/+64 4 471 4234))