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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.

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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


Discover more about CFD trading with IG Markets, the world’s No.1 CFD provider*.



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