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

 

Interest Rates: Wheeler Hikes OCR To 3% On Inflationary Pressures, Eyes Kiwi

Reserve Bank governor Graeme Wheeler lifted the official cash rate for the second time in as many months, saying non-tradable inflationary pressures were "becoming apparent" in an economy that’s picking up pace and he's watching the impact of a strong kiwi dollar on import prices. More>>

ALSO:

Scoop Business: Equity Crowd Funding Carries Risks, High Failure Rate

Equity crowd funding, which became legal in New Zealand this month, comes with a high risk of failure based on figures showing existing forays into social capital have a success rate of less than 50 percent, one new entrant says. More>>

ALSO:

Scoop Business: NZ Migration Rises To 11-Year High In March

The country gained a seasonally adjusted 3,800 net new migrants in March, the most since February 2003, said Statistics New Zealand. A net 400 people left for Australia in March, down from 600 in February, according to seasonally adjusted figures. More>>

ALSO:

Hugh Pavletich: New Zealand’s Bubble Economy Is Vulnerable

The recent Forbes e-edition article by Jesse Colombo assesses the New Zealand economy “ 12 Reasons Why New Zealand's Economic Bubble Will End In Disaster ”, seems to have created quite a stir, creating extensive media coverage in New Zealand. More>>

ALSO:

Thursday Market Close: Genesis Debut Sparks Energy Rally

New Zealand stock rose after shares in the partially privatised Genesis Energy soared as much as 18 percent in its debut listing on the NZX, buoying other listed energy companies in the process. Meridian Energy, MightyRiverPower, Contact Energy and TrustPower paced gains. More>>

ALSO:

Power Outages, Roads Close: Easter Storm Moving Down Country

The NZ Transport Agency says storm conditions at the start of the Easter break are making driving hazardous in Auckland and Northland and it advises people extreme care is needed on the regions’ state highways and roads... More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news