Wednesday, July 28, 2010

[cpsnewswire] [ASX Morning Update & Overnight Markets, Wednesday, July 28, 2010]

Stocks set to rise ahead of CPI news


July 28 (AAP) The Australian stock market is likely to open in positive territory after the Dow Jones Industrial Average experienced gains for the fourth consecutive day.


But other major US indices were lower after consumer confidence data in the world's largest economy came in at a five-month low.


This morning on the Sydney Futures Exchange, the September share price index contract was up 19 points at 4490 points. Yesterday, the major local indices each finished about a quarter of a percentage point higher.


What you need to know:


·         The SPI was 19 points higher at 4490

·         The Australian dollar was buying 90.27 US cents

·         In the US, the S&P500 fell 1.17 points to 1113.84

·         In Europe, the FTSE 100 rose 14.55 points to 5365.67

·         Gold fell $US25.10 an ounce to $US1158.00

·         Oil rose $US1.48 a barrel to $US77.50

·         The Reuters Jefferies CRB index was down 0.83%

·         Stocks to watch: possible market mornings


What's out today


In economics news, the Australian Bureau of Statistics Consumer Price Index for June quarter will be released. Economists are predicting a 1 per cent increase for the quarter, taking the annual increase to about 3.4 per cent for the year.

In the news this morning


BP has cemented its fall from grace by reporting one of the largest losses in British corporate history, driving the oil giant's shares lower in offshore trade.

How we fared yesterday


The benchmark S&P/ASX200 index closed up 11.3 points, or 0.25 per cent, at 4497.4 points, while the broader All Ordinaries index gained 9.5 points, or 0.21 per cent, at 4513.9 points.

Offshore overnight


The US stock market was mixed Tuesday, with the Dow Jones Industrial Average inching higher for a fourth straight day of gains built on solid company earnings.


The Dow rose 12.26 points, or 0.12 per cent, at 10,537.69 in closing trades after jumping 100.81 points on Monday.


The tech-rich Nasdaq composite index fell 8.18 points, or 0.36 per cent, to 2288.25 while the broader S&P 500 index lost 1.17 points, or 0.10 per cent, to 1113.84


European stock exchanges extended a rally Tuesday, powered by further gains in the banking sector and despite a disappointing report on US consumer confidence.


In London, the FTSE 100 index added 14.55 points, or 0.27 per cent, to close at 5365.67.


The German DAX rose by 13.1 points, or 0.21 per cent, at 6207.31 points.


The French CAC 40 index added 30.22 points, or 0.83 per cent, to 3666.4 points.





Oil prices dropped following disappointing reports on US consumer confidence and manufacturing.

Benchmark crude lost $US1.48 to settle at $US77.50 a barrel on the New York Mercantile Exchange.


August gold fell $US25.10 to settle at $US1158 a fine ounce on the Comex division of the New York Mercantile Exchange.


September silver fell 57.4 US cents to settle at $US17.626 per ounce.


Copper for September delivery settled 16.5 US cents lower at $US3.2065 per pound.


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"Mogi" Munkhdul Badral

CPS International


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 or +976-9999-6779.


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