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IG Markets – Morning Prices 17 September 2010

IG Markets – Morning Prices 17 September 2010



IG Markets – Morning Prices


17 September 2010

In the US overnight, the major indices clawed their way back from early weakness as investors chose to look past weaker-than-expected manufacturing data. On the upside, weekly jobless claims were lower than anticipated. The late session rally was boosted by technology names as Research in Motion, the maker of the Blackberry delivered stronger than forecast earnings and Apple rose ahead of the iPad’s launch in China.

The Dow Jones Industrial Average was the top performer, up 0.2% while the NASDAQ added 0.1%. The S&P 500 was flat on the session.

Ahead of the open, the ASX 200 is called to open 0.4% firmer at 4625, with yesterday’s sell off probably overdone to the downside.

It looks like most of the gains are likely to come from the materials sector after it was one of the best performers in the US session, adding 0.5%. In London, base metal leads were all higher on the London Metals Exchange although Rio Tinto and BHP Billiton could only manage flat finishes in normal trade. Nonetheless, BHP Billiton’s ADR is calling the locally listed stock up 0.9% at $$39.11. Gold names are likely to be well bid after gold futures hit another record high overnight of US$1277.7.

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Elsewhere, we could see some weakness among financial and energy names after both sectors fell in US trade, down 0.3% and 0.5% respectively. Crude Oil futures were down 0.8% to US$75.75.

In summary, it looks a tug of war between strength among miners and some weakness across the energy and financial sectors. Given it’s the end of the week and the market is up 1% through yesterday’s close, we could also see some profit taking as investors look to lock in gains after the third straight weekly rise on the ASX.


Market Price at 7:00am AEST Change Since Australian Market Close Percentage Change
AUD/USD 0.9366 0.0027 0.29%
ASX (cash) 4625 20 0.43%
US DOW (cash) 10611 78 0.74%
US S&P (cash) 1127.3 7 0.64%
UK FTSE (cash) 5571 26 0.46%
German DAX (cash) 6273 26 0.42%
Japan 225 (cash) 9591 83 0.87%
Rio Tinto Plc (London) 35.74 0.01 0.03%
BHP Billiton Plc (London) 19.64 0.01 0.03%
BHP Billiton Ltd. ADR (US) (AUD) 39.11 0.36 0.93%
US Light Crude Oil (Nov) 75.75 -0.58 -0.76%
Gold (spot) 1275.4 8.3 0.66%
Aluminium (London) 2159 14 0.65%
Copper (London) 7677 102 1.35%
Nickel (London) 23130 180 0.78%
Zinc (London) 2147 15 0.70%
RBA Cash Rate to be raised by 25bp (Oct) (%) 15.00 12.00 12.00%


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*.



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