MARKET TALK: S&P/ASX 200 Offshore Leads Flat; SPI Down 0.4%

14th Jul 2010 00:51

2351 GMT [Dow Jones] S&P/ASX 200 offshore leads flat, though overnight SPI 200 futures down 16 points, or 0.4%, at 4429.0 on renewed concern about U.S. economy. DJIA up 3.7 points at 10366.72 (7th straight gain), S&P 500 down 0.2 points, Nasdaq up 0.4%. Fed lowered its 2010 GDP growth forecast to 3.0%-3.5% from 3.2%-3.7%, FOMC minutes raised possibility the economy may need further monetary stimulus if it shows more serious signs of slowing, and U.S. June retail sales fell more than expected. But Wall Street was supported by strong results from Intel, which rose 1.7%, helping Microsoft up 1.3%, Hewlett-Packard up 1.2% and Cisco up 2.8%. S&P 500 Financials down 0.9%, with KBW Bank index down 1.6%. S&P 500 Materials up 0.1%, with Alcoa down 0.8%, Vale down 0.5%, Freeport down 0.7%, 1.9%, U.S. Steel up 1.6%, Barrick down 0.3%. BHP Billiton (BHP.AU) ADRs at equivalent A$37.97 (based on AUD/USD at 0.8845), vs local close at A$38.40. London-listed BHP down 0.5%, Rio Tinto (RIO.AU) flat. S&P 500 Energy down 0.3%, with BP down 1.9%. S&P 500 Industrials up 0.2%, S&P 500 Consumer Discretionary down 0.5%. Nymex crude down 0.1% at US$77.04. Spot gold at US$1,208.15 vs US$1,211.60 this time yesterday. EUR/USD at 1.2743 vs 1.2720, AUD/USD 0.8838 vs 0.8830. LME copper up 0.6%, zinc down 1.0%, aluminum up 0.7%, nickel down 0.8%. S&P/ASX 200 last 4462.4. ([email protected]) Contact us in Singapore. 65 64154 140; [email protected] (END) Dow Jones Newswires July 14, 2010 19:51 ET (23:51 GMT)