Morning Prices 09 September 2010

IG Markets – Morning Prices 09 September 2010

IG Markets – Morning Prices

09 September 2010

On Wall St overnight, US stocks rebounded from Tuesday’s falls stronger-than-expected demand for Portugese and Polish bonds helped ease renewed concerns over European banks. Interestingly, the market chose to ignore comments from the latest Federal Reserve Beige Book that said there were signs the US economy was decelerating in five regions.

The technology laden NASDAQ was the top performer, up 0.9% while the broad based S&P 500 rose 0.6% and the Dow Jones Industrial Average added 0.5%.

Domestically, the ASX 200 is called to open the session 0.7% higher at 4568 after the positive overnight leads.

We should see some gains across the industrial and financial sectors after the respective sectors in the US were the leaders, both rising 1%. The big banks recovered some of Tuesday’s falls after a bounce in European banks. There were also some reports in London that Goldman Sachs is facing a big fine from the UK’s Financial Services Authority.

The energy sector is likely to well bid after a 1.5% in jump in crude oil futures to US$74.90 helped the US sector to gains of 0.9%. Materials names should be in focus too after the US basic materials sector added 0.8%.

Base metal leads from the London Metals Exchange were mostly higher while in normal UK trade, Rio Tinto added 0.7% while BHP was down 0.1%. BHP’s ADR is calling the locally listed stock to open 0.3% firmer at $38.03.

In summary, it looks like stocks will open modestly firmer this morning. At 11.30am, the focus will turn towards the latest Australian employment numbers which are expected to show the creation of 23,500 jobs and a fall of 0.1% in the unemployment rate to 5.2%.

Market Price at 7:00am AEST Change Since Australian Market Close Percentage Change
AUD/USD 0.9175 0.0036 0.40%
ASX (cash) 4568 30 0.67%
US DOW (cash) 10400 67 0.65%
US S&P (cash) 1099.9 9 0.84%
UK FTSE (cash) 5418 38 0.71%
German DAX (cash) 6148 47 0.77%
Japan 225 (cash) 9116 91 1.01%
Rio Tinto Plc (London) 34.71 0.23 0.67%
BHP Billiton Plc (London) 18.90 -0.03 -0.13%
BHP Billiton Ltd. ADR (US) (AUD) 38.03 0.12 0.32%
US Light Crude Oil (Oct) 74.90 1.08 1.46%
Gold (spot) 1254.9 -4.1 -0.33%
Aluminium (London) 2158 -9 -0.42%
Copper (London) 7673 58 0.76%
Nickel (London) 22815 615 2.77%
Zinc (London) 2217 27 1.23%
RBA Cash Rate to be raised by 25bp (Oct) (%) 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

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