MARKET TALK: S&P/ASX 200 Turns Positive In Thin Trading

6th Jul 2010 03:32

0232 GMT [Dow Jones] S&P/ASX 200 up 0.1% at 4225.1, hits 4228.6 after bouncing off 7-week low of 4182.7. Financials leading the recovery, with major banks up 0.8%-1.4% and Macquarie (MQG.AU) up 1.7% after opening falls of more than 1.0%. Miners still down, albeit well above intraday lows, with BHP (BHP.AU) down 0.6%, Rio (RIO.AU) down 1.0%. Traders aren't reading too much into the bounce because trading is so thin but it will heighten attention on the outcome of today's RBA meeting, due at 0430 GMT. "Clearly it's positive but it's so thin today, with the U.S. holiday and not much news around, that I wouldn't attribute it to strong demand," says Macquarie Private Wealth Adviser James Rosenberg. "I don't think the RBA will do anything outside of expectations on interest rates but the key will be the commentary." ([email protected]) Contact us in Singapore. 65 64154 140; [email protected] (END) Dow Jones Newswires July 05, 2010 22:32 ET (02:32 GMT)