IG Markets – Morning Prices 30 August 2010

IG Markets – Morning Prices 30 August 2010

IG Markets – Morning Prices

30 August 2010

US markets put in a good session to close the week out on Friday as Federal Reserve Chairman Ben Bernanke eased market concerns by saying the Fed was willing to do whatever it takes to stabilise the recovery. A better-than-expected reading on Q2 GDP also had the markets in a good mood.

The Dow Jones Industrial Average, S&P 500 and NASDAQ all finished the session 1.7% higher.

Locally, the ASX 200 is called to open 1.1% firmer at 4417 following the solid US leads.

In terms of sectors, we’re likely to see strong support for material names after the basic materials sector in the US was the top performer, rising 3%. Base metal leads from the London Metals Exchange were encouraging too, with all base metals up more than 1%. In normal London trade, Rio Tinto and BHP Billiton were mixed, rising 1.5% and declining 0.3%. Surprisingly, the BHP ADR is only calling the locally listed stock up 0.1%. However, our gut feel is that it will open firmer than this.

Elsewhere, we should see good buying interest across a number of sectors including the energy, financial and industrial spaces. Their corresponding sectors in the US were all up more than 2%.

In summary, it looks like being a positive start to the new week, with stocks expected to be higher across the board. With the earnings season largely behind us, the market will once again focus more on Asian trade as the session matures.

Market Price at 8:00am AEST Change Since Australian Market Close Percentage Change
AUD/USD 0.9022 0.0146 1.65%
ASX (cash) 4417 47 1.07%
US DOW (cash) 10181 164 1.64%
US S&P (cash) 1068.7 18 1.72%
UK FTSE (cash) 5238 94 1.82%
German DAX (cash) 5984 94 1.59%
Japan 225 (cash) 9089 101 1.12%
Rio Tinto Plc (London) 32.24 0.47 1.46%
BHP Billiton Plc (London) 17.98 -0.04 -0.25%
BHP Billiton Ltd. ADR (US) (AUD) 37.33 0.03 0.09%
US Light Crude Oil (Oct) 75.36 1.99 2.71%
Gold (spot) 1238.2 1.5 0.13%
Aluminium (London) 2058 31 1.53%
Copper (London) 7445 125 1.71%
Nickel (London) 21035 357 1.73%
Zinc (London) 2085 20 0.97%
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

Discover more about CFD trading with IG Markets, the world’s No.1 CFD provider*.

© Scoop Media