IG Markets – Morning Prices

IG Markets – Morning Prices 01 September 2010

IG Markets – Morning Prices

01 September 2010

In the US overnight, the major indices finished largely unchanged as stronger-than-expected consumer confidence and a rise in home prices helped ease fears that the economy is faltering. Financials were helped by regulatory approval for a Chinese investment in Morgan Stanley.

The NASDAQ was the worst performer, down 0.3% while the Dow Jones Industrial Average and S&P 500 were 0.1% firmer and flat respectively.

Locally, the ASX 200 is called to open 0.8% higher at 4437 following outperformance among materials and financial names.

These two sectors were the real standout in US trade, rising 1.1% and 0.8% respectively. We’re likely to see strength in the local materials sector as US mining names were boosted by the return of London trade, with base metals on the London Metals Exchange mostly firmer. In normal London trade, Rio Tinto and BHP Billiton added 2.4% and 1.9% respectively. BHP Billiton’s ADR is calling the locally listed entity to open 0.7% stronger at $37.33.

We should also see some strength in the financial sector following a positive US lead, which was buoyed by news US regulators had approved a Chinese investment in Morgan Stanley.

Elsewhere, the industrial and energy sectors may weigh today as they fell 0.4% and 0.3% in US trade.

In summary, it looks like being a positive open for the Australian session. Although, as we saw yesterday any selling in Asia could easily make local traders nervous. In economic news, Q2 GDP is due for release at 11.30am while the heavily watched Chinese manufacturing PMI figure will hit the screens at 11am.

Market Price at 7:00am AEST Change Since Australian Market Close Percentage Change
AUD/USD 0.8908 -0.0005 -0.06%
ASX (cash) 4437 33 0.75%
US DOW (cash) 10054 85 0.85%
US S&P (cash) 1054.2 11 1.01%
UK FTSE (cash) 5230 68 1.32%
German DAX (cash) 5917 69 1.18%
Japan 225 (cash) 8862 39 0.44%
Rio Tinto Plc (London) 33.00 0.77 2.37%
BHP Billiton Plc (London) 18.32 0.34 1.86%
BHP Billiton Ltd. ADR (US) (AUD) 37.33 0.28 0.74%
US Light Crude Oil (Oct) 71.70 -1.99 -2.71%
Gold (spot) 1247.3 12.8 1.04%
Aluminium (London) 2045 4 0.20%
Copper (London) 7405 5 0.07%
Nickel (London) 20715 -64 -0.31%
Zinc (London) 2075 3 0.14%
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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