MARKET TALK: S&P/ASX 200 Offshore Leads Bullish; SPI Up 0.2%

8th Jun 2010 00:31

2331 GMT [Dow Jones] S&P/ASX 200 offshore leads slightly bullish, with overnight SPI 200 futures up 7 points, or 0.2%, at 4401.0 after late rally on Wall Street, partly attributed to reassuring comments from Fed Chairman Bernanke late Monday U.S. time. DJIA up 1.3% at 9939.98, S&P 500 up 1.1% at 1062.0, although Nasdaq fell 0.2% to 2170.57. In Europe, FTSE 100 fell 0.8%, DAX 30 fell 0.6%, as credit default swaps on major European investment banks rose amid lingering concern about sovereign debt exposures. Fitch warned that U.K. fiscal challenge is "formidable" and warrants a faster pace of debt reduction than outlined in the April 2010 budget. Germany announced EUR80 billion in budget cuts over next 4 years. S&P 500 Financials up 2.0%, with KBW Bank index up 2.3%. S&P 500 Industrials up 3.3%, with Caterpillar up 1.4%. S&P 500 Materials up 2.4%, with Alcoa up 2.4%, Vale up 2.7%, Freeport up 4.8%, Newmont up 2.3%. BHP Billiton (BHP.AU) ADRs at equivalent A$37.30 (based on AUD/USD at 0.8259), vs local close at A$37.02. London-listed BHP up 1.9%, Rio Tinto (RIO.AU) up 0.3%. S&P 500 Energy up 1.9%, with Exxon Mobil up 3.3%, Nymex crude up 0.8% at US$71.99. LME copper up 1.1%, zinc up 6.6%, aluminum up 2.8%, nickel up 1.5%. Spot gold US$1,237.20 vs US$1,239.90 this time yesterday. EUR/USD at 1.1923. AUD/USD at 0.8259 vs 0.8105. S&P/ASX 200 last 4381.2. ([email protected]) Contact us in Singapore. 65 64154 140; [email protected] (END) Dow Jones Newswires June 08, 2010 19:31 ET (23:31 GMT)