MARKET TALK: S&P/ASX 200 Offshore Leads Bullish; SPI Up 0.6%

8th Jul 2010 00:19

2319 GMT [Dow Jones] S&P/ASX 200 offshore leads bullish, with overnight SPI 200 futures up 28 points, or 0.6%, at 4375.0 after Wall Street rose for 3rd consecutive day, albeit on light volume. DJIA rose 1.2% to 10138.99, S&P 500 rose 0.9% to 1070.25, Nasdaq rose 0.7% to 2175.40. May consumer credit fell US$9.1 billion vs US$2 billion fall expected, but weekly initial jobless claims fell 21,000 to 454,000 vs 460,000 expected and major retailers reported strongest year-on-year same-store sales growth since March. S&P 500 Consumer Staples rose 1.5%, with McDonald's up 2.5%, Coca-Cola up 1.9%. S&P 500 Materials up 1.5%, with Alcoa up 1.6%, Vale up 0.9%, Freeport up 0.3%, US Steel up 1.7%, Barrick Gold down 3.0%, Newmont up 0.6%. BHP Billiton (BHP.AU) ADRs at equivalent A$38.07 (based on AUD/USD at 0.8767) vs local close at A$38.16. London listed BHP up 1.7%, Rio (RIO.AU) up 1.2%. S&P 500 Industrials up 1.3%, with GE up 1.4% and Caterpillar up 1.6%. S&P 500 Financials rose 0.6%, with Amex up 2.4%. GS fell 0.3% after Meredith Whitney cut earnings estimates, although MS rose 1.0% despite similar downgrade from Whitney. S&P 500 Consumer Discretionary up 0.8%, with Home Depot up 0.5%. S&P 500 Energy up 1.3%, with Exxon up 0.7%, BP up 1.7% after Nymex crude rose 1.9% to US$74.44. Spot gold at US$1,200.00 vs US$1,202.00 yesterday. EUR/USD at 1.2695 vs 1.2633. AUD/USD at 0.8767 vs 0.8632. LME copper down 0.4%, zinc flat, aluminum flat, nickel up 1.3%. S&P/ASX 200 last 4356.9. ([email protected]) Contact us in Singapore. 65 64154 140; [email protected] (END) Dow Jones Newswires July 08, 2010 19:19 ET (23:19 GMT)