Australian Stock Market Leads - 03/02/2012
The Australian equities and currency markets are set to rebound on Friday benefitting from the positive overnight leads. Although, holding up the bouyant trade for the rest of the day will be a challenge considering the earnings reporting season is almost over and oil price surges might temper further advances.
(IBTimes) -- 03/01/2012 --

The Australian equities and currency markets are set to rebound on Friday benefitting from the positive overnight leads. Although, holding up the bouyant trade for the rest of the day will be a challenge considering the earnings reporting season is almost over and oil price surges might temper further advances.

Markets in the U.S. and Europe advanced despite oil futures reaching $110 a barrel. The S&P traded above the key 1370 level, while the the Dow Jones Industrial Average was up 0.2% at 12980. The S&P was 0.6% higher at 1374 and the NASDAQ surged 0.7% to finish at 2989.

According to IG Markets strategist Stan Shamu, the markets were partly bouyed by the decision of the Institutional Swaps & Derivatives Association (ISDA), who indicated that there has not been a credit event to trigger Greek credit default swap payouts.

"The ISDA ruling helped lift sentiment. Well enough to push the banking sector higher and could also translate well for our local financial names," Mr Shamu adds.

He notes that commodity prices, except gold, were given a lift by the better-than-expected China PMI data, and investors shrugged off a weaker US manufacturing read, and as expected, the Chinese PMI data livened up sentiments in Europe.

Reports of a blast destroying pipelines in Saudi Arabia triggered oil prices soaring until the end of trades.

This according to analysts will result to a recovery in resource stocks after having traded heavy in yesterday's session. BHP's ADR is pointing to a 0.6% rise at the open.

"Traders will also be waiting to see how the market reacts to the 4300 level which it has struggled to overcome this year", Mr Shamu notes.

Market

Price at 8:30am AEST

Change Since Australian Market Close

Percentage Change

AUD/USD

1.0803

0.0039

0.36%

ASX (cash)

4285

29

0.68%

US DOW (cash)

12996

45

0.35%

US S&P (cash)

1377.0

12

0.88%

UK FTSE (cash)

5946.0

75

1.28%

German DAX (cash)

6970.0

141

2.06%

Japan 225 (cash)

9797

90

0.93%

Rio Tinto Plc (London)

35.95

0.11

0.31%

BHP Billiton Plc (London)

20.47

0.09

0.44%

BHP Billiton Ltd. ADR (US) (AUD)

35.75

0.20

0.56%

US Light Crude Oil (Apr)

108.88

1.81

1.69%

Gold (spot)

1717.0

-8.0

-0.46%

Aluminium (London)

2353.00

25

1.07%

Copper (London)

8629.00

130

1.53%

Nickel (London)

19495.00

240

1.25%

Zinc (London)

2105.00

-7

-0.33%

RBA Cash Rate to be decreased by 25bp (Mar) (%)

13.00

-3

-3.00%

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.

About International Business Times

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