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Morning thoughts and opening prices 24/2/12

Morning thoughts and opening prices


In US trade, markets advanced after unemployment claims data beat expectations, holding steady at four-year lows and on an encouraging housing report. This saw the S&P 500 trade near 10-month highs and the Dow once again flirt with the 13,000 level.

Among the major averages, the Dow Jones Industrial Average was up 0.4% to close at 12986. The S&P was also 0.4% higher at 1363, while the NASDAQ climbed 0.8% to finish at 2957.

With US markets once again approaching key levels, ‘Dow 13,000’, and the S&P edging up to its post- GFC high of 1370, we begin to wonder if the local market can finally break the 4300 barrier which it has failed to close above on numerous attempts. Some investors remain hesitant that these levels will trigger a bout of profit taking.

US dollar weakness helped to support gold, crude oil and equities to some extent. As a result, there was a mild improvement in risk sentiment, which will support the Aussie market this morning. Ahead of the open, we are calling the ASX 200 up 0.1% at 4291. However, there will be several factors at play today including a spiking oil price, the current political crisis in Australia and some earnings reports. Some of the companies reporting today are Crown, Resolute Mining and Hastings Diversified Fund. On the economic front, we have RBA Governor Glen Stevens speaking this morning.

MarketPrice at 8:30am AESTChange Since Australian Market ClosePercentage Change
AUD/USD1.07130.00680.64%
ASX (cash)429150.12%
US DOW (cash)12999550.42%
US S&P (cash)1365.080.59%
UK FTSE (cash)5951280.47%
German DAX (cash)6833-22-0.32%
Japan 225 (cash)960590.09%
Rio Tinto Plc (London)36.900.270.74%
BHP Billiton Plc (London)20.890.020.10%
BHP Billiton Ltd. ADR (US) (AUD)36.230.000.00%
US Light Crude Oil (Apr)108.422.522.38%
Gold (spot)1781.08.00.45%
Aluminium (London)2274.00-7-0.31%
Copper (London)8390.00-45-0.53%
Nickel (London)20000.00-100-0.50%
Zinc (London)2048.00-19-0.92%
RBA Cash Rate to be decreased by 25bp (Mar) (%)27.0000.00%

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.

Please contact IG Markets if you require market commentary or the latest dealing price.


ENDS

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