IG Markets – Morning Prices
IG Markets – Morning Prices 12 August
2010 IG Markets –
Morning Prices
12 August
2010
Overnight, US stocks were pummelled,
albeit it on relatively low volume, as concerns about the
economic health of the global economy continued to weigh on
investor sentiment. Softer-than-expected economic data out
of China yesterday, on top of the Fed’s more bearish
assessment of the US economy the previous day saw investors
flee from equities and into perceived safe havens such as
treasuries, the USD and the Yen.
Stocks recorded their worst close in over a month with the Dow Jones Industrial Average falling 2.5%, the NASDAQ dropping 3% and the S&P 500 slipping 2.8% to be convincingly back below 1100.
No sector was spared with all 10 S&P 500 sector indices weaker, led by the industrials, financials and materials sectors which where all lower by more than 3.5%.
While the likes
of Coca Cola, Qantas and Telstra all report today, their
results are likely to get lost amongst the growing waves of
concern about growth prospects for the global economy for
the remainder of the year and heading into 2011.
Ahead of
the open we’re calling the market to unwind (read, get
smashed) 102 points or 2.3% lower at 4354 with losses set to
be heaviest across the materials, financials and industrial
sectors.
It continues to amaze how much of a grind this year has been for equity markets. It feels as though it’s a case of one step forward then two steps back. It was only last week we were threatening to move through 4600 and now here we are looking set to trade back into the 4300’s.
Market Price at 7:00am AEST Change Since
Australian Market Close Percentage
Change
AUD/USD 0.8942 -0.0111 -1.22%
ASX
(cash) 4354 -102 -2.28%
US DOW
(cash) 10292 -289 -2.73%
US S&P
(cash) 1078.0 -35 -3.19%
UK FTSE
(cash) 5188 -165 -3.08%
German DAX
(cash) 6108 -162 -2.59%
Japan 225
(cash) 9076 -212 -2.28%
Rio Tinto Plc
(London) 32.56 -1.32 -3.88%
BHP Billiton Plc
(London) 19.25 -0.66 -3.34%
BHP Billiton Ltd. ADR (US)
(AUD) 39.60 -0.38 -0.94%
US Light Crude Oil
(Sep) 77.34 -2.43 -3.05%
Gold
(spot) 1197.5 -3.5 -0.29%
Aluminium
(London) 2143 -25 -1.15%
Copper
(London) 7192 -88 -1.21%
Nickel
(London) 21605 -520 -2.35%
Zinc
(London) 2053 -54 -2.56%
RBA Cash Rate to be raised by
25bp (Sep) (%) 2.00 0.00 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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