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IG Markets – Morning Prices 07 October 2010

IG Markets – Morning Prices

07 October 2010

On Wall Street overnight, US stocks closed the session mixed, seemingly taking a breather ahead of Friday’s jobs report and following Tuesday’s strong rally. A number of downgrades weighed on the technology sector while a disappointing read from the ADP jobs report kept buyers sidelined.

The Dow Jones Industrial Average was the best performer, up 0.2%. The broad-based S&P 500 finished the session 0.1% softer while the tech-heavy NASDAQ fell 0.8%.

Down under, the ASX 200 is called to open the day 0.1% higher at 4692 following the mixed overnight leads.

Despite poor base metal leads from the London Metals Exchange, it looks like local material names will be well bid this morning. The US basic materials sector was the top performer, rising 1% overnight while gains from Rio Tinto and BHP Billiton in London of 3.5% and 3% respectively should help to keep the sellers at bay. BHP Billiton’s ADR is calling the locally listed stock 1.1% firmer on the open.

Energy names are likely to have a pretty good start to the session too after the US energy sector was the second best performer, rising 0.9%. This came on the back of oil climbing to the highest level in 5 months after government figures showed a large fall in product inventories. Since 4.30pm yesterday, November Crude Oil futures are 0.6% stronger at US$83.37 per barrel.

Elsewhere on the upside, we could see some support from industrial names after they added 0.6% in US trade. On the downside, there may be some selling pressure among consumer discretionary names while financials are expected to open the session relatively unchanged.

In summary, it looks like we’re in for a relatively quiet session as traders reduce exposure ahead of Friday’s US jobless numbers. At 11.30am today, the latest read on Australian employment numbers is due; the market is expecting the unemployment rate to remain unchanged at 5.1% and 20,300 new jobs to be created. Unless we get a wildly different number, trade is likely to be fairly bland.

Market Price at 8:00am AEST Change Since Australian Market Close Percentage Change
AUD/USD 0.9773 0.0063 0.65%
ASX (cash) 4692 5 0.10%
US DOW (cash) 10966 32 0.29%
US S&P (cash) 1160.4 0 0.01%
UK FTSE (cash) 5678 18 0.33%
German DAX (cash) 6267 15 0.23%
Japan 225 (cash) 9668 -2 -0.02%
Rio Tinto Plc (London) 39.26 1.34 3.53%
BHP Billiton Plc (London) 21.38 0.63 3.04%
BHP Billiton Ltd. ADR (US) (AUD) 40.98 0.45 1.11%
US Light Crude Oil (Nov) 83.37 0.48 0.57%
Gold (spot) 1349.0 0.2 0.01%
Aluminium (London) 2357 -38 -1.59%
Copper (London) 8244 -56 -0.67%
Nickel (London) 24719 -431 -1.71%
Zinc (London) 2322 -23 -0.98%
RBA Cash Rate to be raised by 25bp (Nov) (%) 40.00 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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