IG Markets – Morning Prices 17 August 2010

IG Markets – Morning Prices 17 August 2010

IG Markets – Morning Prices

17 August 2010

In US trade overnight, stocks finished largely unchanged as gains among technology companies helped offset morning weakness. The market was down early following a weaker-than-expected report on New York manufacturing and concerns over Japan’s non-existent economic growth.

The technology laden NASDAQ easily outperformed, adding 0.4% while the S&P 500 finished unchanged and the Dow Jones Industrial Average fell 1 point, its fifth straight loss.

Given the flat overnight leads, the ASX 200 is called to open the session unchanged at 4439.

In terms of sectors, the only real mover overnight was the basic materials space, which added 0.5%. Leads from the London Metals Exchange were supportive too, with the big four metals all up between 0.4% and 1.8% while Rio Tinto and BHP Billiton added 0.9% and 1% respectively. Locally, BHP Billiton’s ADR is calling the stock to open 0.2% firmer at $40.06, so we could see some support for our local material names on the back of these modest gains.

Elsewhere, the sectors were very subdued. We may see some weakness creep into financial and industrial names after the corresponding sectors retreated 0.3% and 0.2% respectively overnight.

In summary, it’s likely to be a very quiet session following the almost non-existent overnight leads. In economic news, the latest Monetary Policy Meeting Minutes are due at 11.30am while OneSteel and MacMahon are among the bigger names due to report results today.

Market Price at 7:00am AEST Change Since Australian Market Close Percentage Change
AUD/USD 0.8979 0.0043 0.48%
ASX (cash) 4439 0 0.00%
US DOW (cash) 10300 -20 -0.19%
US S&P (cash) 1079.9 -1 -0.09%
UK FTSE (cash) 5279 3 0.06%
German DAX (cash) 6119 -7 -0.12%
Japan 225 (cash) 9143 -54 -0.59%
Rio Tinto Plc (London) 33.07 0.30 0.92%
BHP Billiton Plc (London) 19.63 0.20 1.00%
BHP Billiton Ltd. ADR (US) (AUD) 40.06 0.06 0.15%
US Light Crude Oil (Sep) 75.07 -0.81 -1.07%
Gold (spot) 1225.4 5.7 0.47%
Aluminium (London) 2119 9 0.43%
Copper (London) 7249 93 1.30%
Nickel (London) 21560 285 1.34%
Zinc (London) 2083 36 1.76%
RBA Cash Rate to be raised by 25bp (Sep) (%) 2.00 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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