IG Markets Morning Prices

IG Markets Morning Prices

Good morning,

On Wall St on Friday, stocks posted modest declines as participants digested the weaker than expected nonfarm payrolls report and looked ahead to this week’s start of the US Q4 earnings season, which kicks off this evening with bellwether Alcoa.

The tech heavy NASDAQ was the worst performer, down 0.3% while both the Dow Jones Industrial Average and S&P 500 lost 0.2% respectively.

The local ASX 200 is called to open the session 0.4% lower at 4684 following the weaker overseas lead.

The financials were the weakest sector in US trade, down 0.9% and are likely to weigh on our market, especially the insurance names that are still exposed to the uncertainty surrounding the Qld floods. News that a Massachusetts top court had ruled that Wells Fargo and US Bancorp had failed to show they held mortgages when they foreclosed two homes rattled sentiment. Wells Fargo, JP Morgan, Citigroup and Bank of America were all down more than 1.3%.

Consumer staples and technology names were the next biggest decliners, both down 0.5%.

The materials space is likely to weigh after weaker leads from the London Metals Exchange and a modest fall in US trade. Base metals on the London Metals Exchange were mostly lower between 1.2% and 2% while in normal London equities trade, Rio Tinto and BHP Billiton fell 0.2% and 1% respectively. BHP Billiton’s ADR is calling the locally listed name to open 0.6% softer at $44.37. Gold names should be relatively unchanged after the precious metal finished Friday’s session 0.1% weaker than our 4.30pm close at US$1369.50/oz.

On the upside, there may be some support for the big oilers after the US sector was the best performer, rising 0.5%.

In summary, it looks like we’re set for a fairly bleak start to the week with widespread weakness likely to be the order of the day. On the news front, we have the latest read on ANZ jobs ads as well as retail sales figures which should give the market an insight as to the health of the Christmas shopping season.

In currency markets, the AUDUSD managed to snap its four day losing streak by posting modest gains on Friday night. It finished the session at 0.9969 off session lows of 0.9906. The euro took a hammering, finishing on session lows of 1.2908 on fears the eurozone’s sovereign debt crisis is on the verge of breaking out once more.

Market Price at 8:00am AEST Change Since Australian Market Close Percentage Change
AUD/USD 0.9939 0.0005 0.05%
ASX (cash) 4684 -21 -0.44%
US DOW (cash) 11659 -51 -0.44%
US S&P (cash) 1271.4 -3 -0.25%
UK FTSE (cash) 5988 -28 -0.46%
German DAX (cash) 6955 -28 -0.40%
Japan 225 (cash) 10469 -69 -0.65%
Rio Tinto Plc (London) 44.27 -0.10 -0.24%
BHP Billiton Plc (London) 24.93 -0.25 -0.97%
BHP Billiton Ltd. ADR (US) (AUD) 44.37 -0.25 -0.56%
US Light Crude Oil (Feb) 88.48 -0.25 -0.28%
Gold (spot) 1369.5 -1.95 -0.14%
Aluminium (London) 2509.00 3 0.12%
Copper (London) 9370.00 -116 -1.22%
Nickel (London) 24140.00 -480 -1.95%
Zinc (London) 2416.00 -38 -1.55%
RBA Cash Rate to be raised by 25bp (Feb) (%) 5.00 -2.0 -2.00%

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.

Please contact IG Markets if you require market commentary or the latest dealing price.

ENDS

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