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

 

Trade Plans: Prime Minister's Speech To International Business Forum

"The work to improve public services, build infrastructure, and solve social problems is possible only because we have enjoyed sustained, solid economic growth. A big reason for that is the Government’s consistent agenda of economic reform, and our determination to open up more opportunities for trade with the world." More>>

ALSO:

Media: TVNZ Flags Job Cuts To Arrest Profit Decline

Chief executive Kevin Kenrick said the changes were aimed at creating "a sustainable future video content business for TVNZ in an ever-changing media market." More>>

ALSO:

Reserve Bank: Wheeler Keeps OCR At 1.75%

Reserve Bank governor Graeme Wheeler kept the official cash rate unchanged at 1.75 percent, as expected, and reiterated his view that the benchmark rate doesn't need shifting for the foreseeable future. More>>

ALSO:

f work for Pumpkin Patch staff

Retail: Pumpkin Patch Brand, IP Sold To Catch Group

The receivers of failed children's clothing retailer Pumpkin Patch have confirmed that the company's brand and intellectual property have been sold to Australian online retailer Catch Group. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news