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IG Markets – Morning Prices 4 October 2010

IG Markets – Morning Prices

4 October 2010



In the US on Friday, stocks finished the first session of October and the fourth quarter modestly firmer after participants digested a spate of economic data that painted a mildly positive view of the US economy.

For the session, the S&P 500 and Dow Jones Industrial Average were the best performers, both rising 0.4%. The technology heavy NASDAQ lagged, only gaining 0.1%.

For the local session, the ASX 200 is called to open 0.3% higher at 4593 following the positive US leads.

We’re likely to see the market supported early by gains from the US basic materials and energy sectors. They managed to rise 1.5% and 1.3% respectively. For the materials sector, leads from the London Metals Exchange were mostly firmer while Rio Tinto and BHP added 0.9% and 1.6% during normal London trade. BHP’s ADR is calling the locally listed stock 1.2% stronger at $39.94. A rise of 1.7% for Crude Oil futures to US$81.73 per barrel should help list energy names.

Elsewhere, the financial sector should be well bid after US financials rose 1.1%, with Morgan Stanley and Goldman Sachs among the best performers, both higher by 1.4%.

In summary, it looks like the domestic market will open the week on the front foot following a solid finish to US trade on Friday. However, ahead of tomorrow’s RBA meeting, we may see some nervousness as the market comes to grips with the prospect of higher interest rates. The MI Inflation Gauge is due for release at 9.30am and may give an insight into where inflation is headed in the near term. It’s also worth noting that NSW is on holiday today, meaning volumes are likely to be subdued.

Market Price at 8:00am AEST Change Since Australian Market Close Percentage Change
AUD/USD 0.9727 0.0070 0.73%
ASX (cash) 4593 13 0.29%
US DOW (cash) 10830 27 0.25%
US S&P (cash) 1146.9 4 0.34%
UK FTSE (cash) 5608 47 0.85%
German DAX (cash) 6222 -20 -0.31%
Japan 225 (cash) 9425 35 0.37%
Rio Tinto Plc (London) 37.54 0.32 0.87%
BHP Billiton Plc (London) 20.58 0.33 1.63%
BHP Billiton Ltd. ADR (US) (AUD) 39.94 0.48 1.21%
US Light Crude Oil (Nov) 81.73 1.36 1.69%
Gold (spot) 1318.9 9.8 0.75%
Aluminium (London) 2351 -11 -0.47%
Copper (London) 8099 9 0.11%
Nickel (London) 23875 220 0.93%
Zinc (London) 2225 0 0.00%
RBA Cash Rate to be raised by 25bp (Oct) (%) 69.60 18 17.60%

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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