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IG Markets - Afternoon Thoughts
IG Markets - Afternoon Thoughts 20 July,
2010
IG Markets -
Afternoon Thoughts
20 July,
2010
In Asia, regional markets are mostly
higher this Tuesday, taking their leads from gains on Wall
St. However, the Nikkei 225 is lower, down 1% with
technology names under pressure following the disappointing
revenue numbers from Texas Instruments and IBM. The Hang
Seng and Shanghai Composite are the best performers, both up
1.4% while the Kospi is 0.3% firmer.
Locally, the ASX 200
is 1.1% firmer at 4404, well off its morning lows of 4361.1.
From around midday, the market began to rally, with gains
among materials and financial names leading the index
higher. The move coincided with a significant push higher in
the AUDUSD, as well as other regional markets.
It seems
a comment or two regarding Chinese growth prospects ignited
today’s rally, with a Chinese spokeman saying domestic
consumption will continue to grow at a relatively fast pace
in the second half of the year.
Nonetheless, tonight’s
going to be a big test for global markets. The strong Asian
should certainly help sentiment heading into a jam packed
pre-market earnings session featuring the likes of Pepsi,
Bank of New York Mellon, Johnson & Johnson and Goldman
Sachs.
ENDS
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