Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


IG Markets - Morning thoughts and opening prices


Good morning,

Risk assets remained in a holding pattern throughout European and US trade, with no fresh catalysts to sway investors significantly in either direction. Market participants continued to monitor the wires for any headlines on Greece and this resulted in a mildly negative bias in European equities. US equities were mostly flat with no data prints on the calendar and a bank holiday seeing some markets closed. On the currency front, AUD/USD went on to test 1.044 after trading back above 1.04 in yesterday’s Asian session. The 1.044 capped the upside and continues to act as near-term resistance. EUR/USD remained sidelined just above 1.27 with Greece uncertainty continuing to keep the bulls at bay.

Ahead of the open, we are calling the Aussie market down 0.1% at 4442. On the local economic front, we have NAB business confidence data due out at 11.30am. However, this is unlikely to be a big sentiment driver. We have been getting a lot of commentary out of China recently, with the leadership change and a swathe of economic releases hitting the wires. China is likely to remain the centre of focus for the region, and any comments from there could be a big sentiment driver.

On a stock level, we expect to see a mildly softer start for BHP Billiton, with its ADR pointing to a 0.3% fall to $34.21. Reports in the AFR are suggesting BHP is considering shipping some of its US shale gas to Asia. This could have a big impact on regional LNG projects and will likely be a big talking point in today’s session. Base metals had a fairly positive session and this might give some of the miners a lift. Incitec Pivot has reported its full-year results today, which will put its shares in focus. QBE Insurance will be one to watch yet again as S&P revised its outlook on the insurer to negative from stable.

MarketPrice at 8:00am AESTChange Since Australian Market ClosePercentage Change
AUD/USD1.04280.0008 0.08%
ASX (cash)4442-6 -0.13%
US DOW (cash)12827-13 -0.10%
US S&P (cash)1381.3-1.0 -0.07%
UK FTSE (cash)577610 0.17%
German DAX (cash)71867 0.10%
Japan 225 (cash)8693-16 -0.19%
Rio Tinto Plc (London)30.81-0.18 -0.59%
BHP Billiton Plc (London)19.510.01 0.04%
BHP Billiton Ltd. ADR (US) (AUD)34.21-0.09 -0.27%
US Light Crude Oil (December)85.62-0.60 -0.70%
Gold (spot)1727.8-7.7 -0.44%
Aluminium (London)1971502.62%
Copper (London)7655590.78%
Nickel (London)16061290.18%
Zinc (London)2169261.21%
Iron Ore122.10.000.00%

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.

STAN SHAMU
Market Strategist
www.igmarkets.com

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Fossils: Ancient Penguins Lived Alongside Dinosaurs?

Penguins are much older than previously thought and their evolution probably dates back to the days of the dinosaurs, according to research on the fossilised leg bone and toes of a giant ancient penguin found in rocks near Waipara, North Canterbury. More>>

No Voda/Sky: Commission Declines Clearance For Merger

The Commerce Commission has declined to grant clearance for the proposed merger of Sky Network Television and Vodafone New Zealand. More>>

ALSO:

EARLIER:

Power: IEA Report On New Zealand's Energy System

Outside of its largely low-carbon power sector, managing the economy’s energy intensity and greenhouse gas emissions while still remaining competitive and growing remains a challenge. More>>

ALSO:

NASA: Seven Earth-Size Planets Around A Single Star

NASA's Spitzer Space Telescope has revealed the first known system of seven Earth-size planets around a single star. Three of these planets are firmly located in the habitable zone, the area around the parent star where a rocky planet is most likely to have liquid water. More>>

ALSO:

Auckland Transport Case: Men Guilty Of Corruption And Bribery Will Spend Time In Jail

Two men who were found guilty of corruption and bribery in a Serious Fraud Office (SFO) trial have been sentenced in the Auckland High Court today... The pair are guilty of corruption and bribery offences relating to more than $1 million of bribes which took place between 2005 and 2013 at Rodney District Council and Auckland Transport. More>>

ALSO:

Hager Raid: Westpac Wrong To Release Bank Records To Police

The Privacy Commissioner has censured Westpac Banking Corp for releasing without a court order more than 10 months of bank records belonging to the political activist and journalist Nicky Hager during a police investigation into leaked information published in Hager's 2014 pre-election book, 'Dirty Politics'. More>>

ALSO:

EARLIER:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news