IG Markets – Morning Prices

IG Markets – Morning Prices 07 September 2010

IG Markets – Morning Prices

07 September

With US markets closed for their Labor Day holiday, there is very little in the way of leads for the local market, especially considering European and UK markets were only able to most modest gains on very light volumes.

The FTSE 100 index added 0.2% while the German DAX and French CAC finished the session 0.3% firmer.

Locally, the ASX 200 is called to open 0.1% firmer at 4583 ahead of this afternoon’s RBA interest rate decision, as well as a possible outcome in the election debacle.

In terms of sectors, we could see some points come out of the materials space after the FTSE basic materials sector fell 0.7%, despite base metals finishing mostly higher on the London Metals Exchange. Rio Tinto and BHP Billiton fell 0.7% and 0.8% in normal London trade.

Elsewhere, there could be some minor support for local financial and energy names after the respective sectors in London managed gains of 0.4% and 0.6%. Gains in the energy space were more impressive given the Crude Oil price fell 0.4%.

In summary, it’s likely to be a very quiet open given the lack of leads and ahead of the RBA decision, as well as potential news on who will form a minority government. If Labour get in, we’re not expecting much of a reaction but if the coalition were to form government, we could see some upward pressure.

Market Price at 7:00am AEST Change Since Australian Market Close Percentage Change
AUD/USD 0.9176 0.0008 0.08%
ASX (cash) 4583 7 0.15%
US DOW (cash) 10459 -6 -0.06%
US S&P (cash) 1105.6 -1 -0.12%
UK FTSE (cash) 5440 -17 -0.31%
German DAX (cash) 6154 -12 -0.20%
Japan 225 (cash) 9282 -11 -0.12%
Rio Tinto Plc (London) 35.10 -0.26 -0.74%
BHP Billiton Plc (London) 19.20 -0.16 -0.83%
BHP Billiton Ltd. ADR (US) (AUD) 38.58 0.00 0.00%
US Light Crude Oil (Oct) 74.08 -0.28 -0.38%
Gold (spot) 1250.0 0.7 0.06%
Aluminium (London) 2205 36 1.66%
Copper (London) 7718 -11 -0.14%
Nickel (London) 22140 80 0.36%
Zinc (London) 2201 6 0.27%
RBA Cash Rate to be raised by 25bp (Sep) (%) 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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