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.

Market Strategist


© Scoop Media

Business Headlines | Sci-Tech Headlines


DIY: Kiwi Ingenuity And Masking Tape Saves Chick

Kiwi ingenuity and masking tape has saved a Kiwi chick after its egg was badly damaged endangering the chick's life. The egg was delivered to Kiwi Encounter at Rainbow Springs in Rotorua 14 days ago by a DOC worker with a large hole in its shell and against all odds has just successfully hatched. More>>


Trade: Key To Lead Mission To India; ASEAN FTA Review Announced

Prime Minister John Key will lead a trade delegation to India next week, saying the pursuit of a free trade agreement with the protectionist giant is "the primary reason we're going" but playing down the likelihood of early progress. More>>



MYOB: Digital Signatures Go Live

From today, Inland Revenue will begin accepting “digital signatures”, saving businesses and their accountants a huge amount of administration time and further reducing the need for pen and paper in the workplace. More>>

Oil Searches: Norway's Statoil Quits Reinga Basin

Statoil, the Norwegian state-owned oil company, has given up oil and gas exploration in Northland's Reinga Basin, saying the probably of a find was 'too low'. More>>


Modern Living: Auckland Development Blowouts Reminiscent Of Run Up To GFC

The collapse of property developments in Auckland is "almost groundhog day" to the run-up of the global financial crisis in 2007/2008 as banks refuse to fund projects due to blowouts in construction and labour costs, says John Kensington, the author of KPMG's Financial Institutions Performance Survey. More>>


Health: New Zealand's First ‘No Sugary Drinks’ Logo Unveiled

New Zealand’s first “no sugary drinks logo” has been unveiled at an event in Wellington... It will empower communities around New Zealand to lift their health and wellbeing and send a clear message about the damage caused by too much sugar in our diets. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news