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IG Morning Markets
IG Morning Markets
On Friday, US stocks logged more gains on the back of improving optimism over the upcoming reporting season. US markets posted their biggest one week gain of the year, with the S&P 500 rising 5.4%.
For Friday’s session, the NASDAQ was the top performer, up 1% while the S&P 500 and Dow Jones Industrial Average added 0.7% and 0.6%.
The Australia 200 index is called to open 0.3% firmer at 4410 after another set of strong overnight leads.
The material and financial sectors were the big driver in US trade, up 2.4% and 1.4% respectively. This bodes well for our session today. Base metals in London were mostly higher while Rio Tinto and BHP Billiton rose 3.2% and 1.8% in normal London trade. BHP Billiton’s ADR is calling the locally listed stock to open 0.6% stronger.
The strong leads from US financials should see our local banks continue their outperformance.
In summary, it looks like a positive start to the week for the Australian market. The session will be dominated by how Asian markets trade in anticipation of the US Q2 earnings, which kick off tonight with economic bellwether Alcoa.
ENDS
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