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IG Markets – Morning Prices 27 August 2010

IG Markets – Morning Prices

27 August 2010

In overnight trade, concerns ahead of tomorrow’s Q2 GDP read and Ben Bernanke’s speech saw the major indices finish lower, erasing early gains that had come from a bigger than expected decline in the number of US jobless claims. Also, comments from the Federal Reserve Bank of Kansas City thanks manufacturing growth had stalled across the region certainly didn’t help.

The NASDAQ was the worst performer for the session, down 1.1% while the S&P 500 and Dow Jones Industrial Average fell 0.8% and 0.7% respectively.

Locally, the ASX 200 is called to open the session 0.8% lower at 4322 following the overnight falls on Wall St.

Most of the damage is likely to come from the energy, financial and consumer discretionary sectors after the corresponding sectors in New York were the worst performers. They were all down 0.9%, 0.8% and 0.7% respectively.

The materials space could be slightly weaker too after US names saw some selling. Nonetheless, leads from the London Metals Exchange were supportive, with base metals all up between 0.4% and 1.4%. Rio Tinto and BHP Billiton also managed gains in London trade, adding 2.3% and 2% respectively, although BHP Billiton’s ADR is pointing towards a lower open, down 0.7% at $37.12.

In summary, it looks like another weak session to close out another down week. With no economic news due out, attention will be on how Asian traders react to the overnight selloff. We’re also likely to see some traders looking to lighten their positions ahead of a big night tonight, with Q2 US GDP due, as well as Bernanke’s speech on the economy from Jackson Hole.

Market Price at 7:00am AEST Change Since Australian Market Close Percentage Change
AUD/USD 0.8863 -0.0023 -0.26%
ASX (cash) 4322 -34 -0.78%
US DOW (cash) 9959 -124 -1.23%
US S&P (cash) 1043.9 -14 -1.34%
UK FTSE (cash) 5115 -37 -0.72%
German DAX (cash) 5849 -83 -1.41%
Japan 225 (cash) 8816 -87 -0.98%
Rio Tinto Plc (London) 31.77 0.72 2.32%
BHP Billiton Plc (London) 18.03 0.35 2.01%
BHP Billiton Ltd. ADR (US) (AUD) 37.12 -0.27 -0.73%
US Light Crude Oil (Oct) 73.11 0.25 0.35%
Gold (spot) 1236.1 -5.8 -0.46%
Aluminium (London) 2033 9 0.44%
Copper (London) 7310 103 1.43%
Nickel (London) 20552 92 0.45%
Zinc (London) 2056 26 1.28%
RBA Cash Rate to be raised by 25bp (Sep) (%) 3.00 0.00 0.00%

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.

ENDS


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