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IG Markets – Morning Prices 13 September 2010

IG Markets – Morning Prices

13 September 2010

In the US on Friday, markets eeked out gains as stocks struggled to find any real direction for the day as volumes continued to be dismal and ahead of a heavy economic calendar this week.

The S&P 500 and Dow Jones Industrial Average were the top performers, both rising 0.5% while the technology heavy NASDAQ could only manage a gain of 0.3%.

Locally, the domestic market is called to open 0.3% higher at 4574 following the encouraging leads from the US, as well as stronger-than-expected economic data out of China on Saturday.

Chinese industrial production, which is a major gauge of overall activity in China’s manufacturing-driven economy rose 13.9% from a year earlier in August, and up from 13.4% growth in July. The market was expecting 13%. Retail sales and lending figures also came in ahead of market forecasts.

Gains should be broad based today with all the major US sectors finishing higher. The materials sector is likely to be in focus and very well supported following the China news, as well as gains of 0.8% in US trade on Friday. However, leads from the London Metals Exchange were all negative, as were Rio Tinto and BHP Billiton in London. They fell 0.3% and 0.2% respectively, with BHP Billiton’s ADR calling the locally listed name 0.1% firmer at 0.1%.

Energy names should be well bid this morning after Crude Oil futures jumped more than 2.2% to be trading at US$76.56 per barrel. The US energy sector was also one of the best performers in US trade, closing 1% higher.

Elsewhere, industrial and consumer discretionary names are likely to open higher too after their corresponding sectors in the US added 0.9% and 0.8% respectively.

In summary, it looks like it’s going to be a positive start to the week for local equities, with the focus clearly on the Chinese data and offshore leads. S&P 500 futures have opened about 0.5% higher this morning, factoring in the Chinese releases over the weekend.

Market Price at 7:00am AEST Change Since Australian Market Close Percentage Change
AUD/USD 0.9293 0.0059 0.64%
ASX (cash) 4574 14 0.30%
US DOW (cash) 10491 68 0.65%
US S&P (cash) 1113.4 9 0.81%
UK FTSE (cash) 5503 27 0.49%
German DAX (cash) 6216 15 0.24%
Japan 225 (cash) 9309 76 0.82%
Rio Tinto Plc (London) 35.30 -0.10 -0.28%
BHP Billiton Plc (London) 19.22 -0.05 -0.23%
BHP Billiton Ltd. ADR (US) (AUD) 38.01 0.05 0.14%
US Light Crude Oil (Oct) 76.56 1.67 2.22%
Gold (spot) 1246.5 -0.8 -0.06%
Aluminium (London) 2096 -23 -1.09%
Copper (London) 7497 -18 -0.24%
Nickel (London) 22401 -199 -0.88%
Zinc (London) 2116 -26 -1.21%
RBA Cash Rate to be raised by 25bp (Oct) (%) 3 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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