MARKET TALK: S&P/ASX 200 S&P/ASX 200 Leads Mostly Flat

27th Jun 2010 00:26

2326 GMT [Dow Jones] S&P/ASX 200 offshore leads mostly flat, with overnight SPI 200 futures down 3 points at 4414.0, as agreement on U.S. financial regulations offset disappointing U.S. GDP data. DJIA down 0.1% at 10143.81, S&P 500 up 0.3% at 1076.76, Nasdaq up 0.3% at 2223.48. On the weekend, G-20 said growth was priority but action needed on deficits, with wealthy countries to halve deficits by 2013; also pared back plans to force banks to set aside extra capital. Australian Treasurer Wayne Swan defended the proposed resources tax. U.S. 2Q GDP was revised down to 2.7% from 3.0%, while consumer sentiment rose to 76.0 vs 75.5. On Nasdaq, Oracle rose 2.0% after beating 4Q earnings expectations, while Intel fell 1.4%. S&P 500 Financials rose 2.8%, with Amex up 3.9%, JPM up 3.7%, BofA up 2.7% as agreement on financial-regulation overhaul removed some uncertainty and proposed bank restrictions weren't as tough as expected. S&P 500 consumer staples down 1.5%, with Coca Cola down 3.0%, Wal-Mart down 2.5%. S&P 500 Materials up 1.4%, with Alcoa up 1.1%, Freeport up 4.9%, Vale up 2.1%, U.S. Steel down 1.3%. Newmont up 4.6%, Barrick up 3.9%. BHP Billiton (BHP.AU) ADRs at equivalent A$38.91 vs local close at A$38.80. London-listed BHP down 2.8%, Rio Tinto (RIO.AU) down 2.8%. S&P 500 Energy down 0.5%, though Nymex crude rose 3.0% to US$78.86 on worries over developing storm in Gulf of Mexico. Spot gold at US$1,254.85 vs US$1,243 this time Friday. EUR/USD at 1.2372 vs 1.2333. AUD/USD at 0.8730 vs 0.8669. LME copper up 2.5%, zinc flat, aluminum 1.7%, nickel up 1.8%. S&P/ASX 200 last 4413.0. ([email protected]) Contact us in Singapore. 65 64154 140; [email protected] (END) Dow Jones Newswires June 27, 2010 19:26 ET (23:26 GMT)