IG Markets - Morning Prices July 12, 2010

IG Markets - Morning Prices

On Friday, US stocks logged more gains on the back of improving optimism over the upcoming reporting season. US markets posted their biggest one week gain of the year, with the S&P 500 rising 5.4%.

For Friday’s session, the NASDAQ was the top performer, up 1% while the S&P 500 and Dow Jones Industrial Average added 0.7% and 0.6%.

The Australia 200 index is called to open 0.3% firmer at 4410 after another set of strong overnight leads.

The material and financial sectors were the big driver in US trade, up 2.4% and 1.4% respectively. This bodes well for our session today. Base metals in London were mostly higher while Rio Tinto and BHP Billiton rose 3.2% and 1.8% in normal London trade. BHP Billiton’s ADR is calling the locally listed stock to open 0.6% stronger.

The strong leads from US financials should see our local banks continue their outperformance.

In summary, it looks like a positive start to the week for the Australian market. The session will be dominated by how Asian markets trade in anticipation of the US Q2 earnings, which kick off tonight with economic bellwether Alcoa.

Market / Price at 7:00am AEST / ...
...Change Since Australian Market Close / Percentage Change /

AUD/USD / 0.8774 0.0003 0.03%
ASX (cash) / 4410 14 0.31%
US DOW (cash) / 10185 49 0.48%
US S&P (cash) / 1075.7 5 0.48%
UK FTSE (cash) / 5164 33 0.65%
German DAX (cash) / 6093 29 0.47%
Japan 225 (cash) / 9619 36 0.38%
Rio Tinto Plc (London) / 31.73 0.99 3.22%
BHP Billiton Plc (London) / 18.53 0.33 1.84%
BHP Billiton Ltd. ADR (US) (AUD) / 38.66 0.23 0.59%
US Light Crude Oil (Aug) / 76.45 0.55 0.72%
Gold (spot) / 1212.0 13.7 1.14%
Aluminium (London) / 2000 0 0.00%
Copper (London) / 6745 22 0.33%
Nickel (London) / 19400 -55 -0.28%
Zinc (London) / 1876 14 0.75%
RBA Cash Rate to be raised by 25bp (Aug)(%) / 23.00 0.00 0.00%

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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.

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