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IG Markets – Morning Prices 15 September 2010

IG Markets – Morning Prices

15 September 2010

On Wall St overnight, US stocks snapped their four-day winning streak despite stronger-than-expected US retail sales data. Concerns that Bank of America might be forced to buy back approximately $20 billion in loan weighed on the financials space, offsetting gains among the technology names.

The tech heavy NASDAQ was the top performer, up 0.2% while the Dow Jones Industrial Average and S&P 500 fell 0.2% and 0.1% respectively.

Domestically, the Australian market is called to open unchanged at 4627 following the relatively flat overnight leads.

We could see some weakness and profit taking among the financial names after the US financials sector was the biggest drag, down 0.9%. As well as concerns over Bank of America’s loan book, the Financial Times also reported the bank may be looking to offload some assets and businesses that it deems non-core.

The energy and materials sectors fell 0.4% and 0.2% in US trade. Given the recent strength across these sectors, we’re likely to see some short-term profit taking among the best performing stocks. A fall of 0.7% in the Crude Oil price overnight could weigh further on energy players.

Materials may be a little more supported after base metal leads from the London Metals Exchange were all positive, up between 0.3% and 1.3%. Rio Tinto and BHP Billiton also added 0.1% and 0.6% is London trade, with BHP Billiton’s ADR calling the locally listed entity 0.3% firmer at the open. Gold miners should see strong gains after gold hit a fresh all time high of US$ 1274.75.

In summary, it’s likely to be a relatively flat open for the ASX 200, with profit taking likely to feature highly. Westpac Consumer Sentiment is due at 10.30, before we see the latest readings on New Motor vehicle Sales and Housing starts.

Market Price at 7:00am AEST Change Since Australian Market Close Percentage Change
AUD/USD 0.9391 0.0059 0.63%
ASX (cash) 4627 0 0.00%
US DOW (cash) 10514 -16 -0.15%
US S&P (cash) 1118.9 -1 -0.10%
UK FTSE (cash) 5555 -2 -0.03%
German DAX (cash) 6262 8 0.13%
Japan 225 (cash) 9291 -8 -0.09%
Rio Tinto Plc (London) 36.22 0.02 0.07%
BHP Billiton Plc (London) 19.81 0.11 0.56%
BHP Billiton Ltd. ADR (US) (AUD) 39.15 0.10 0.27%
US Light Crude Oil (Oct) 76.66 -0.50 -0.65%
Gold (spot) 1268.8 19.1 1.53%
Aluminium (London) 2152 26 1.22%
Copper (London) 7624 24 0.32%
Nickel (London) 23196 296 1.29%
Zinc (London) 2166 21 0.98%
RBA Cash Rate to be raised by 25bp (Oct) (%) 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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