Today's Morning Report

U.S. Overnight Market Commentary 

U.S. stocks rallied, sending benchmark indexes to their third-biggest gains of 2010, and Treasuries fell as growth in home sales and signs of improving bank finances bolstered optimism in the economy. The Standard & Poor’s 500 Index climbed 2.6% to 1,098.38 at 4 p.m. in New York, with Halliburton Co. and Schlumberger Ltd. leading gains in oilfield-services companies after their shares slumped yesterday on BP Plc’s failure to halt the worst oil spill in U.S. history. The MSCI World Index of stocks in 24 developed nations rose 1.1%, erasing a 0.9% earlier drop. Ten-year Treasury yields rose 8 basis points to 3.35%. The yen slid versus 15 major currencies following Japanese Prime Minister Yukio Hatoyama’s resignation. U.S. equities rebounded after yesterday’s drop dragged benchmark indexes to near three-month lows. Stocks extended gains in the morning as pending sales of existing homes rose to the highest level since October as buyers took advantage of a tax credit. The S&P 500 jumped to its session high in the final hour as bank stocks rallied after Bank of America and Wells Fargo & Co. reported signs of improving credit markets. “We’re in an oversold market plus we have economic data such as U.S. home sales coming out ahead of expectations,” said Hank Smith, who helps oversee US$6 billion as chief investment officer of Haverford Trust Co. in Radnor, Pennsylvania. “The fundamentals are improving, notwithstanding the problems in the banking system in Europe.” The S&P 500 erased yesterday’s 1.7% slump. The index’s energy shares rallied 4.3% today for the top advance among 10 industries on speculation the group’s 18% tumble from April 23 through yesterday overshot the potential damage to profits from the Gulf of Mexico oil spill. Halliburton, which provided oilfield services to the BP well, jumped 12% and competitor Schlumberger Ltd. rose 8.8% after being named short-term buys by Morgan Stanley. Wells Fargo advanced 3.4% after saying it holds “very little” sovereign debt and consumer credit began to improve last November. Bank of America jumped 3% after Chief Executive Officer Brian Moynihan said loan demand is stabilising, which bodes well for the economy. The S&P 500 has tumbled 10% from a 19-month high in April after credit-ratings downgrades of Greece, Spain and Portugal fuelled concern that some European nations will struggle to fund budget deficits and trigger the worst financial crisis since the collapse of Lehman Brothers Holdings Inc. and the U.S. bailout of American International Group Inc. in 2008.

Europe’s Overnight Market Commentary

European shares edged higher on Wednesday, as upbeat U.S. housing data boosted hopes of a recovery in the world's largest economy, offsetting falls in banks on concerns over the outlook for growth in the euro zone. The pan-European FTSEurofirst 300 index closed up 0.1% at 1,003.58 points, to end higher for the third straight session in a choppy session where the index swung between positive and negative territory. Data showed pending sales of previously owned U.S. homes hit a six-month high in April, lifting shares on Wall Street. BP rebounded off lows to end 0.1% lower, after a sharp 13% drop in the previous session. Traders said there was buying interest in the stock from some hedge funds and investors who are betting the stock will rebound from recent weakness. The company forged ahead with its latest efforts to curb the flow of oil from its leaking well as the United States began investigating the spill, with U.S. Attorney General Eric Holder saying that "if we find evidence of illegal behaviour, we will be forceful in our response." On the downside, banks were pressured by persistent fears the euro zone's debt crisis could jeopardise economic recovery in the region, with Barclays, HSBC, Societe Generale and Deutsche Bank off 0.3% to 2.2%. "Investors are still concerned that the euro zone debt problem is not over and it will keep hanging over the equity market until the market gets to a more reasonable valuation," said Koen de Leus, economist at KBC Securities. The FTSEurofirst 300 index has lost around 10% since mid-April when fears of a sovereign debt crisis in the euro zone prompted investors to abandon riskier assets. Among the gainers, Portugal Telecom rose 1.5% after Spain's Telefonica raised its bid for PT's stake in Brazilian mobile phone company Vivo to €6.5 billion (US$7.9 billion) from €5.7 billion. GlaxoSmithKline added 2% after Jefferies raised its rating for the company to "buy" from "hold". Within the sector, AstraZeneca, Sanofi-Aventis and Novartis added 0.3% to 1.6%. Prudential fell 2.5% after abandoning its plan to buy AIG's Asian life unit AIA for US$35.5 billion, bowing to shareholder criticism over the price it had agreed to pay and leaving its management under fire. The number of planned layoffs at U.S. companies in May was almost unchanged from April, suggesting employers are more upbeat about the economic outlook, a report by global outplacement consultancy Challenger, Gray & Christmas, Inc. showed. The report comes days ahead of the government's much-anticipated monthly U.S. payrolls report, due on Friday, which is forecast to show non-farm payrolls rose by 513,000 in May after climbing 290,000 in April. In Spain the jobless rate -- the highest in the euro zone -- fell at its fastest pace for five years in May, offering hope for its battered labour market, but the economic outlook remained gloomy and consumer confidence saw a record fall in the same period.

Special Report

Concentrated work on the gold assets of Artemis will prove very beneficial to the share price of ARV. An report is attached that outlines their latest announcement on recent developments at Mt. Clement which also has the right to not only explore but mine this tenement, allowing a quick turn around on cash flows once the mineralisation has been fully identified and finalised

Artemis Resources Report

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Hanuman Investments Pty Limited trading as Hanuman Private Wealth - AFSL No. 313416

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