Scoop  Business

IG Markets – Morning Prices 03 September 2010

IG Markets – Morning Prices

03 September 2010

In US trade overnight, stocks rose, adding to their biggest gain since July as a surprise jump in home sales and a better-than-expected jobless claims number tempered fears the economic recovery is weakening. Last night’s stronger data, coupled with the good manufacturing figures seems to have eased concerns over the economy.

The NASDAQ was the top performer overnight, rising 1.1%. The S&P 500 closely followed, up 0.9% while the Dow Jones Industrial Average could only manage gains of 0.5%.

Locally, the ASX 200 is called to open 0.8% firmer at 4568 following the positive US session.

We should see strong gains across our heavily weighted sectors today. The industrial and financial sectors should be well supported after their US counterparts added 1.4% and 1% respectively.

A gain of 1.1% for the US basic materials sector should see local material names outperform. The leads from the London Metals Exchange were supportive too, with all base metals up between 0.3% and 1.9%. However, Rio Tinto and BHP retreated in normal London trade, declining 0.5% and 0.1%. Nonetheless, BHP’s ADR is still pointing to a 0.5% gain on the open.

Energy names should also have a good session after the sector added 0.9% in US trade. A gain of 1.5% to US$74.96 for crude oil futures will help spur buying interest.

In summary, we should see broad based gain on the open. However, from there we’re likely to be prone to some profit taking, especially given the market is up 3.7% thru Thursday. Couple that with the release of non-farm payroll numbers tonight and the Labor Day long weekend in the US, and it wouldn’t surprise us at all if we drifted lower from morning highs.

Market Price at 7:00am AEST Change Since Australian Market Close Percentage Change
AUD/USD 0.9111 0.0043 0.48%
ASX (cash) 4568 35 0.78%
US DOW (cash) 10318 66 0.64%
US S&P (cash) 1090.0 11 1.03%
UK FTSE (cash) 5394 46 0.86%
German DAX (cash) 6102 43 0.71%
Japan 225 (cash) 9101 38 0.42%
Rio Tinto Plc (London) 34.83 -0.18 -0.51%
BHP Billiton Plc (London) 19.01 -0.02 -0.11%
BHP Billiton Ltd. ADR (US) (AUD) 38.53 0.21 0.54%
US Light Crude Oil (Oct) 74.96 1.11 1.51%
Gold (spot) 1251.3 4.4 0.36%
Aluminium (London) 2144 38 1.80%
Copper (London) 7646 25 0.33%
Nickel (London) 21700 399 1.87%
Zinc (London) 2162 12 0.56%
RBA Cash Rate to be raised by 25bp (Sep) (%) 3.00 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*.

© Scoop Media

 

Business Headlines | Sci-Tech Headlines