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IG Markets – Morning Prices 27 September 2010

IG Markets – Morning Prices

27 September 2010



In the US on Friday, equity markets surged as stronger-than-expected durable goods orders boosted optimism over the future direction of the economy. German business climate data also came in better-than-expected.

The technology laden NASDAQ was the top performer, up 2.3% while the broader based S&P 500 added 2.1% and the Dow Jones Industrial Average rose 1.9%.

Locally, the ASX 200 is called to open 1.6% higher at 4675 following the very bullish overnight leads. Gains are likely to be broad based to start the week off after the heavyweight sectors in the US were all up more than 2.5%.

Industrial, financial and consumer discretionary names are likely to be well bid after they were among the best performers in US trade. Financials Citigroup and Bank of America added 2.7% and 3.3% respectively, with the later announcing it has increased its share of merger and acquisition transactions recently.

Material names are likely to have a very strong session too after leads from both the UK and US were strong. Base metals on the London Metals Exchange were mostly higher while in normal London trade, Rio Tinto and BHP Billiton added 1.2% and 0.5% respectively. BHP Billiton’s ADR is calling the locally listed stock 1.3%. Gold miners should be well supported after gold futures touched a fresh all-time high of US$1300 per ounce.

Energy names are likely to have a buoyant session too after Crude Oil futures jumped 2.2% to US$76.56 per barrel.

In summary, it looks like a very strong start to the week for the Australian market, with gains likely to be broad based. With nothing in the way of local economic news, traders will focus their attention on Asian markets and how they react to Friday’s US session.

Market Price at 7:00am AEST Change Since Australian Market Close Percentage Change
AUD/USD 0.9608 0.0104 1.10%
ASX (cash) 4675 73 1.58%
US DOW (cash) 10895 208 1.95%
US S&P (cash) 1152.5 26 2.27%
UK FTSE (cash) 5623 94 1.70%
German DAX (cash) 6333 168 2.72%
Japan 225 (cash) 9581 121 1.28%
Rio Tinto Plc (London) 36.96 0.42 1.16%
BHP Billiton Plc (London) 20.10 0.09 0.47%
BHP Billiton Ltd. ADR (US) (AUD) 39.53 0.49 1.25%
US Light Crude Oil (Nov) 76.56 1.68 2.24%
Gold (spot) 1297.7 3.8 0.30%
Aluminium (London) 2315 23 1.00%
Copper (London) 7952 66 0.84%
Nickel (London) 23000 210 0.92%
Zinc (London) 2247 -2 -0.09%
RBA Cash Rate to be raised by 25bp (Oct) (%) 59.00 0 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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