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Tuesday, August 3, 2010

[cpsnewswire] [CPS Morning Update, Tuesday, August 3, 2010]

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 and international stocks, feel free to contact me at mogi@cpsinternational.mn or +976-9999-6779.

 

 

 

Stocks set to jump on US rise

 

August 3 (AAP) The Australian share market has received unambiguous positive leads from offshore trading overnight, with all three key US indices up strongly, as well as equities markets in Europe and Asia.

 

Precious and base metals were higher in New York, and benchmark oil broke the $US81 barrier.

 

This morning on the Sydney Futures Exchange, the September share price index contract was up 64 points at 4569. That follows on from yesterday, when the major indices marked gains of about 1 per cent.

 

What you need to know:

 

·         The SPI was 64 points higher at 4569

·         The Australian dollar was buying 91.37 US cents

·         In the US, the S&P500 rose 24.26 points to 1125.86

·         In Europe, the FTSE 100 jumped 139.09 points to 5397.11

·         Gold rose $US1.50 an ounce to $US1185.40

·         Oil was up $US2.39 a barrel at $US81.34

·         The Reuters Jefferies CRB Index rose 0.91%

·         Stocks to watch: possible market movers

Improved economic readings in the US, along with sharemarket rises on Wall Street and in Europe overnight, bolster investor confidence about the future, he said. That flowed through to commodities and mining stocks.

Offshore overnight

 

US stock markets swung higher overnight as sentiment was buoyed by better-than-expected earnings from European banks and strong US data.

 

The Dow Jones Industrial Average rose 208.44 points (1.99 per cent) to settle at 10,674.38, after falling slightly on Friday.

 

 

The tech-rich Nasdaq composite index jumped 40.66 points (1.8 per cent) to 2295.36 while the broader S&P 500 index gained 24.26 points (2.2 per cent) to settle at 1125.86.

 

"Stocks are up broadly with impressive gains," said analysts at Briefing.com.

 

The market had been lifted at the opening bell by news from Europe that two of the continent's banking giants posted soaring profits.

 

HSBC -- Europe's biggest bank -- reported that net earnings in the first half of the year leapt to $US6.76 billion ($A7.46 billion), as the number of bad debts in the US eased and profit from emerging markets increased.

 

In Paris, BNP Paribas reported unexpectedly strong second-quarter net profit of 2.1 billion euros ($A3.03 billion), a rise of 31 per cent.

 

Stocks got a further lift on data showing the US manufacturing sector expanded for the 12th straight month in July, beating most analysts' expectations.

In London, the FTSE 100 index of leading shares jumped 139.09 points, or by 2.65 per cent, to 5397.11.

 

The German DAX gained 144.16 points, or 2.34 per cent, to 6292.13 points.

 

The French CAC 40 put on 108.89 points, or 2.99 per cent, to 3752.03.

 

Commodities

 

Oil prices touched $US81 on Monday, striking levels last seen in May, with sentiment boosted by soaring global stock markets, strong bank results and solid US economic data.

 

In the NY Mercantile exchange, the main contract, light sweet crude for delivery in September, finished the day at $US81.34, up $US2.39 from the last session.

December gold rose $US1.50 to $US1185.40 a fine ounce on the Comex division of the NY Mercantile Exchange.

 

September silver rose 41.6 US cents to settle at $US18.419, October platinum was 25.4 US cents higher at $US1602.20, and September palladium lifted 15.85 US cents to $US515.85.

 

September copper lifted 7.8 US cents to $US3.3895 per pound.

 

Link to article

 

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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 and international stocks, feel free to contact me at mogi@cpsinternational.mn or +976-9999-6779.

 

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