IG Markets – Morning Prices

IG Markets – Morning Prices 01 October 2010

IG Markets – Morning Prices

01 October 2010

On Wall Street, US indices finished a highly volatile session lower as end-of-month and quarter profit taking and rebalancing played out. Nonetheless, the Dow Jones Industrial Average and S&P 500 still posted the biggest September gains since 1939, rising 7.7% and 8.8% respectively. For the quarter, they added 10.4% and 10.7%. If it wasn’t for the end-of-quarter shenanigans, the market would have likely been higher following the stronger-than-expected economic data.

For the session, the S&P 500 and NASDAQ both finished 0.3% lower while the Dow Jones Industrial Average gave up 0.4%.

Locally, the ASX 200 is called to open the new month 0.1% firmer at 4589 following the volatility on Wall Street. Looking at the sectors, it’s difficult to see how they’re likely to trade given the end-of-month and quarter activities. The Australian market had its volatility yesterday.

Apart from the energy sector, which managed a modest rise of 0.1% all the other heavyweight sector finished the overnight session lower. The financial, material, industrial and consumer discretionary sectors were all down between 0.2% and 0.4%.

However, the leads from London were a lot more positive for the materials space. Base metal prices on the London Metals Exchange were mostly firmer while BHP Billiton and Rio Tinto rose 0.2% and fell 1.1% respectively. Nonetheless, BHP Billiton’s ADR is pointing towards a gain of 1.4% on the open, which should boost the entire sector.

In summary, it will be a very interesting end to the week and start to the new month. One of the big events of the session will be the latest reading on Chinese manufacturing PMI, due at 11am. This could easily influence how the afternoon session plays out with a stronger-than-expected figure likely to boost the materials space further.

Market Price at 7:00am AEST Change Since Australian Market Close Percentage Change
AUD/USD 0.9670 0.0003 0.04%
ASX (cash) 4589 6 0.13%
US DOW (cash) 10785 -13 -0.12%
US S&P (cash) 1140.4 0 -0.01%
UK FTSE (cash) 5554 3 0.05%
German DAX (cash) 6227 22 0.35%
Japan 225 (cash) 9406 36 0.38%
Rio Tinto Plc (London) 37.21 -0.41 -1.09%
BHP Billiton Plc (London) 20.25 0.03 0.15%
BHP Billiton Ltd. ADR (US) (AUD) 39.46 0.55 1.40%
US Light Crude Oil (Nov) 79.83 2.15 2.77%
Gold (spot) 1308.4 0.3 0.03%
Aluminium (London) 2347 21 0.90%
Copper (London) 8033 18 0.22%
Nickel (London) 23320 120 0.52%
Zinc (London) 2193 -7 -0.32%
RBA Cash Rate to be raised by 25bp (Oct) (%) 66.00 0 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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