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IG Markets - Morning Prices

July 6, 2010

European markets retreated overnight, closing at six week lows on growing concerns of slowdowns in the US and China. However, trading was very light due to the July 4 Independence Day holiday in the US.

The FTSE 100 in London fell 0.3% while the broader based FTSEurofirst 300 drifted 0.1%. The euro retreated approximately 0.2% which shows a further retreat in global risk appetite. We’re expecting another very light day’s trade locally with the ASX 200 called to open 0.4% lower at 4207.

The heavily weighted material and financial sectors are likely to open lower after they dragged in London trade. The basic materials sector fell 2% to be the session’s worst performer. Base metals on the London Metals Exchange were mixed but in normal trade, Rio Tinto and BHP fell 1.9% and 2.2% respectively.

The big focus for the session will the Reserve Bank of Australia’s interest rate decision at 2.30pm. Whilst 100% of analysts polled believe the RBA will keep rates on hold, there’ll be a keen interest on the accompanying statement. The market will be looking to see if the central bank maintains its focus on the key issues occurring in Europe or whether it spends more time discussing the domestic economy. In other economic news, Trade Balance data is due for release at 11.30am.

In summary, it looks like a modestly weaker open before a relatively quiet days trade follows.

Market / Price at 7:00am AEST / ...
... Change Since Australian Market Close / Percentage Change
AUD/USD / 0.8399 -0.0047 -0.56%
ASX (cash) / 4207 -15 -0.35%
US DOW (cash) / 9642 -33 -0.34%
US S&P (cash) / 1016.0 -5 -0.53%
UK FTSE (cash) / 4819 -18 -0.36%
German DAX (cash) / 5825 0 0.00%
Japan 225 (cash) / 9214 -44 -0.48%
Rio Tinto Plc (London) / 28.81 -0.55 -1.86%
BHP Billiton Plc (London) / 16.85 -0.39 -2.23%
BHP Billiton Ltd. ADR (US) (AUD) / 37.33 0.35 0.96%
US Light Crude Oil (Aug) / 71.75 -0.91 -1.25%
Gold (spot) / 1209.0 -3.9 -0.32%
Aluminium (London) / 1935 -2 -0.10%
Copper (London) / 6476 66 1.03%
Nickel (London) / 18750 -50 -0.27%
Zinc (London) / 1813 33 1.85%

IG Markets provides round-the-clock CFD trading on currencies, indices and commodities. The levels quoted in this email are the latest tradeable price for each market. The net change for each market is referenced from the corresponding tradeable level at yesterday’s close of the ASX. These levels are specifically tailored for the Australian trader and take into account the 24hr nature of global markets.

Please contact IG Markets if you require market commentary or the latest dealing price.

ENDS

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