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IG Markets Morning Prices 9/8/11

IG Markets Morning Prices 9/8/11

In the US overnight, it was another terrible session as stocks nosedived investors continued to flood out of risky assets following S&P’s downgrade to the US’s credit rating and the view that the US is headed for recession.

The technology-laden NASDAQ was the worst performer, down 6.9% while the S&P 500 and Dow Jones Industrial Average slumped 6.7% and 5.6%.

Locally, the ASX 200 is called to open down another 3.8% at 3833 following the overnight rout. Nothing is going to be spared but once again we expect it will be the cyclical, riskier sectors that get belted the most.

Financials are likely to be hit hard as they were the worst performers in overnight trade, with the US sector down 9.5%. Bank of America was the hardest hit, down 20.3% while the likes of JP Morgan, Wells Fargo, Citigroup and Goldman Sachs were all down between 6% and 16.4%.

Energy names were clobbered as crude oil futures continued their slump, losing another 2.9% to US$81.08/barrel. Exxon Mobil, Chevron and ConocoPhillips were all down more than 6.2%.

Materials and industrials won’t be spared either as their sectors in the US were both down around 7%. Base metals were all weaker in LME trade, losing between 0.7% and 5.6%. Rio Tinto and BHP Billiton were smashed in London trade, skidding 6.5% and 5.1% respectively. Locally, BHP’s ADR is called to open 3.4% lower at $35.25.

In summary, it going to be another complete blood bath for the Australian market as fear and panic continue to dominate investors’ minds. There will be another wave of forced margin selling on the open before hopefully we see some sort of stabilisation. Whilst most economic data is ignored in these types of indiscriminate markets, today’s barrage of Chinese data will still be watched closely, with CPI and Industrial Production tipped to come in at 6.4% and 14.7% respectively.

Market / Price at 6:30am AEST / Change Since Australian Market Close / Percentage Change
AUD/USD / 1.0188 / -0.0137 / -1.33%
ASX (cash) / 3817 / -169 / -4.2%
US DOW (cash) / 10774 / -388 / -3.48%
US S&P (cash) / 1116.0 / -53 / -4.53%
UK FTSE (cash) / 4883 / -250 / -4.87%
German DAX (cash) / 5695 / -414 / -6.78%
Japan 225 (cash) / 8736 / -361 / -3.97%
Rio Tinto Plc (London) / 33.87 / -2.35 / -6.49%
BHP Billiton Plc (London) / 18.46 / -0.99 / -5.09%
BHP Billiton Ltd. ADR (US) (AUD) / 35.25 / -1.25 / -3.42%
US Light Crude Oil (Sep) / 81.08 / -2.39 / -2.86%
Gold (spot) / 1716.0 / 4.00 / 0.23%
Aluminium (London) / 2386.00 / -16 / -0.67%
Copper (London) / 8781.00 / -260 / -2.88%
Nickel (London) / 21250.00 / -1255 / -5.58%
Zinc (London) / 2091.00 / -109 / -4.95%
RBA Cash Rate to be raised by 25bp (Sep) (%) / 1.00 / 0 / 0.00%

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.


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