IG Markets - Morning Prices 27 July, 2010

IG Markets - Morning Prices

Overnight, US markets posted a late day rally on the back of an improvement in new home sales and another set of strong earnings reports.

While volume was again on the lighter side of normal, the Dow Jones Industrial Average added 1% to 10525, the NASDAQ was higher by 1.2% while the S&P 500 closed 1.1% higher at 1115. This closing level for the S&P was particularly important as its signalled a move above the 200-day moving average – a sign many bulls have been advocating as a catalyst for fresh money to come into the market.

A 23% rise in new home sales in June and a positive earnings report and outlook statement from economic bellwether, Fedex, were the highlights of the session.

Gains for the day were broad based with all 10 S&P sector indices closing in positive territory. The industrials and financial sectors were the two top performers firming by 1.6% and 1.5% respectively.

Ahead of the Aussie open we are calling the ASX200 to unwind 35 points or 0.8% higher at 4522. While yesterday we didn’t have the momentum to sustain a brief move above 4500, another strong night of gains in the US should ensure today is a different story. Impressive leads for the financial sector and strong overnight commodity prices should ensure that the heavyweight financial and material sectors are among the best performers.

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

AUD/USD / 0.9029 0.0073 0.82%
ASX (cash) / 4522 35 0.79%
US DOW (cash) / 10508 67 0.64%
US S&P (cash) / 1113.0 8 0.71%
UK FTSE (cash) / 5350 3 0.06%
German DAX (cash) / 6194 -11 -0.18%
Japan 225 (cash) / 9530 20 0.21%
Rio Tinto Plc (London) / 33.50 0.15 0.43%
BHP Billiton Plc (London) / 19.69 0.04 0.20%
BHP Billiton Ltd. ADR (US) (AUD) / 39.82 0.00 0.01%
US Light Crude Oil (Sep) / 78.84 -0.22 -0.28%
Gold (spot) / 1182.4 -9.6 -0.81%
Aluminium (London) / 2056 11 0.54%
Copper (London) / 7133 120 1.71%
Nickel (London) / 20775 435 2.14%
Zinc (London) / 1951 21 1.09%
RBA Cash Rate to be raised by 25bp (Aug) (%)/ 30.00 0.50 0.50%

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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