MARKET TALK: S&P/ASX 200 Offshore Leads Bullish; SPI Up 2.0%

7th Jul 2010 00:01

2301 GMT [Dow Jones] S&P/ASX 200 offshore leads bullish, with overnight SPI 200 futures up 85 points, or 2.0%, at 4332.0 after Wall Street saw its 3rd biggest 1-day gain this year, albeit on light volume. Financials surged on rosy 2Q earnings forecast from State Street and optimism over details of euro-zone stress tests. ICSC Retail Chain Store Sales index rose 1.0% in last week. DJIA rose 2.8% to 10018.28 (biggest 1-day gain since May 27), S&P 500 rose 3.1% to 1060.27, Nasdaq rose 3.1% to 2159.47. In technology, Cisco rose 5.3%. S&P 500 Financials rose 4.4%, with State Street up 9.9%, JPMorgan up 5.0%, BofA up 4.6%, Amex up 4.9%. S&P 500 Materials up 3.9%, with Alcoa up 3.3%, Vale up 3.5%, Freeport up 6.3%, US Steel up 5.7%, Barrick Gold up 2.1%. BHP Billiton (BHP.AU) ADRs at equivalent A$38.23 (based on AUD/USD at 0.8632) vs local close at A$37.43. London listed BHP up 0.7%, Rio (RIO.AU) down 0.4%. S&P 500 Consumer Discretionary up 2.8%, with Home Depot up 2.5%. S&P 500 Industrials rose 3.6%, with GE up 4.7% and Caterpillar up 4.0%. S&P 500 Energy up 3.2%, with BP up 4.0% after meeting with Abu Dhabi prince. Nymex crude up 2.9% to US$74.07. Spot gold at US$1,202.00 vs US$1,194.60 this time yesterday. EUR/USD at 1.2633 vs 1.2629. AUD/USD at 0.8632 vs 0.8524. LME copper up 0.5%, zinc up 0.2%, aluminum down 0.5%, nickel up 1.8%. S&P/ASX 200 last 4254.6. ([email protected]) Contact us in Singapore. 65 64154 140; [email protected] (END) Dow Jones Newswires July 07, 2010 19:01 ET (23:01 GMT)