[cpsnewswire] [ASX Morning Update, Wednesday, July 7, 2010]

Stocks set to rise as global markets gain

July 7 (AAP) The Australian market is expected to open higher after a rebound on Wall Street and on most major world markets overnight.

This morning on the Sydney Futures Exchange, the September share price index contract was 67 points higher at 4275.

What you need to know:

·       The SPI was 67 points higher at 4275

·       The Australian dollar was buying 85.33 US cents

·       In the US, the S&P500 rose 5.48 points to 1028.06

·       In Europe, the FTSE 100 rose 141.47 points to 4965.00

·       Gold fell $US12.60 an ounce to $US1195.10

·       Oil fell 16 US cents a barrel to $US71.98

·       The Reuters Jefferies CRB index fell 0.38%

What's out today

In economic news scheduled for today, the Australian Industry Group and the Housing Industry Association release their performance of construction index for June.

…

The viability of public floats for the remainder of this year thrown into doubt after volatile equity markets claim a $1.3 billion offering of a civil construction company.

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How we fared yesterday

The benchmark S&P/ASX200 index ended up 54 points, or 1.28 per cent, at 4,276.1 points, while the broader All Ordinaries index was 49.1 points firmer, by 1.16 per cent, at 4,299.7.

Offshore overnight

The Dow Jones industrial average broke a seven-day slide on Tuesday after traders sifted through the market for beaten-down stocks.

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When the markets settled, the Dow was up 57.14 points, or 0.6 per cent, at 9743.62. The broader Standard & Poor's 500 index rose 5.48, or 0.5 per cent, to 1,028.06, and the Nasdaq composite index lifted 2.09, or 0.1 per cent, to 2093.88.

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European stock markets rebounded on Tuesday as investors sought out bargains after recent sustained losses, with confidence helped by an apparent easing in concerns over the European debt crisis.

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The London FTSE 100 index rose 141.47 points, or 2.93 per cent, to close at 4965 points. 

In Germany, the DAX added 124.78 points, or 2.15 per cent, to 5940.98 and in France, the CAC 40 rose 90.9 points, or 2.73 per cent, to 3423.36 points.

Commodities

Oil prices fell again on Tuesday, as a morning stock market rally fizzled after an economic report predicted slowing growth in the US economy.

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In London, Brent crude lost two US cents to settle at $US71.45 a barrel on the ICE Futures exchange.

Gold for August delivery dropped $US12.60 to settle at $US1195.10 a fine ounce.

Copper for September delivery rose 5.5 cents to settle at $US2.9710 a pound.

Silver, which trades as both an industrial and precious metal, added 13.8 US cents to settle at $US17.857 an ounce.

AAP, with BusinessDay

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"Mogi" Munkhdul Badral

CPS International

Email: mogi@cpsinternational.mn

Mobile: +976-99996779

CPS International is a marketing arm of CPS Securities in Mongolia. CPS Securities is a Perth, Western Australia based ASX Licensed Financial Services Company. To trade ASX stocks, feel free to contact me at mogi@cpsinternational.mn or +976-9999-6779.