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IG Markets – Morning Prices 23 September 2010

IG Markets – Morning Prices

23 September 2010



In the US overnight, stocks retreated with the S&P 500 index posting its biggest decline in two weeks. A weakening outlook across the technology and financial sectors weighed after Adobe fell nearly 20% after its sales estimates missed market forecasts. Elsewhere, a downgrade from Deutsche Bank weighed on financial names.

The technology heavy NASDAQ was the biggest decliner, losing 0.6% while the S&P 500 fell 0.5% and the Dow Jones Industrial Average 0.2%.

Domestically, the ASX 200 is called to open 0.3% weaker at 4612 following the lower overnight leads.

We’re likely to see weakness in early trade this morning, with the financials probably leading the market lower. They were the worst performer, down 1.6% after Deutsche Bank said the investment banks could be hurt by how international regulators interpret the risk in various asset classes.

Elsewhere, we could see some weakness among energy, industrial and consumer discretionary names after the corresponding sectors were all down more than 0.5% in US trade.

On the upside, we may see a little support for material stocks after the sector rose 0.2% on Wall St. Base metal leads from the London Metals Exchange were all positive while Rio Tinto and BHP Billiton added 2.3% and 2.1% in normal UK trade. BHP Billiton’s ADR is pointing towards a modest rise of 0.1% on the open.

In summary, overnight leads are pointing towards some moderate weakness on the open. It’s likely to be pretty quiet on the volume front due to a lack of economic releases, as well as public holidays in Japan and China.

Market Price at 7:00am AEST Change Since Australian Market Close Percentage Change
AUD/USD 0.9567 0.0011 0.11%
ASX (cash) 4612 -14 -0.30%
US DOW (cash) 10747 -44 -0.41%
US S&P (cash) 1135.7 -7 -0.60%
UK FTSE (cash) 5564 -29 -0.52%
German DAX (cash) 6233 -62 -0.98%
Japan 225 (cash) 9492 -78 -0.82%
Rio Tinto Plc (London) 36.53 0.82 2.31%
BHP Billiton Plc (London) 20.00 0.41 2.09%
BHP Billiton Ltd. ADR (US) (AUD) 38.95 0.05 0.12%
US Light Crude Oil (Nov) 74.86 -0.38 -0.51%
Gold (spot) 1291.4 0.3 0.02%
Aluminium (London) 2238 55 2.52%
Copper (London) 7840 130 1.69%
Nickel (London) 22606 156 0.69%
Zinc (London) 2205 43 1.99%
RBA Cash Rate to be raised by 25bp (Oct) (%) 57.00 -2.00 -2.00%

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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