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IG Markets – Morning Prices 22 September 2010

IG Markets – Morning Prices

22 September 2010



On Wall St overnight, stocks had given up most of their afternoon gains by the closing bell after the market basically chose to ignore stronger-than-expected housing starts & building permits data, instead waiting to see what the latest FOMC statement said. There were little surprises, with the Fed indicating it stood ready to further ease monetary policy should it be needed as inflation is running below target.

The Dow Jones Industrial Average was the only major index to finish in positive territory, up 0.1% while the NASDAQ and S&P 500 both fell 0.3%.

Locally, the ASX 200 is called to open 0.2% softer at 4607 following the late session volatility on Wall St.

With the healthcare, telecommunications and industrial sectors the only ones to finish in the black, albeit modestly the prospects for the local market don’t look brilliant. Our heavily weighted sectors in materials and financials finished significantly lower and are likely to be the main drags for the session.

The materials sector closed 0.5% weaker in New York while base metals on the London Metals Exchange all finished in the red. In normal UK trade, Rio Tinto and BHP Billiton gave up 0.9% and 1.1%, with BHP Billiton’s ADR calling the locally-listed stock 0.5% weaker on the open. The only shining light in the resources space may be the gold players, with gold futures surging to another record high overnight. It touched US$1291 per ounce shortly after the Federal Reserve statement.

In summary, it looks like a weaker start for the Australian market following the offshore leads. The MI Leading Index at 11.30am is the only economic release due today and its unlikely to have much of an impact on markets. Instead, traders will be focused on Asia’s reaction to the overnight session, although trade will be dominated by Japan, Hong Kong and Korea as China is on holiday for the next three sessions.

Market Price at 7:00am AEST Change Since Australian Market Close Percentage Change
AUD/USD 0.9540 0.0082 0.86%
ASX (cash) 4607 -10 -0.22%
US DOW (cash) 10754 31 0.29%
US S&P (cash) 1138.5 0 -0.02%
UK FTSE (cash) 5578 -30 -0.54%
German DAX (cash) 6269 -25 -0.40%
Japan 225 (cash) 9570 -15 -0.16%
Rio Tinto Plc (London) 35.70 -0.34 -0.94%
BHP Billiton Plc (London) 19.59 -0.21 -1.06%
BHP Billiton Ltd. ADR (US) (AUD) 38.53 -0.19 -0.50%
US Light Crude Oil (Nov) 74.85 -1.08 -1.42%
Gold (spot) 1286.6 8.2 0.64%
Aluminium (London) 2173 -13 -0.59%
Copper (London) 7666 -19 -0.25%
Nickel (London) 22350 -552 -2.41%
Zinc (London) 2150 -1 -0.05%
RBA Cash Rate to be raised by 25bp (Oct) (%) 59.00 23.00 23.00%

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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