Stocks set to open firmer – Daily Outlook
Australian Share Market Daily Outlook
September 9, 2010 – 7:52am
The Australian share market is expected to open firmer this morning after Wall Street and European markets posted gains.
Morning trade on the Sydney Futures Exchange points to likely gains on the share market at opening, with the September share price index contract trading 30 points lower at 4568.
Quick facts
- The SPI up 30 point to 4568.
- The Reuters Jefferies CRB Index rose 0.17%
- US, the S&P500 rose 7.03 points to 1098.87
- Europe, the FTSE 100 rose 21.92 points to 5429.74
- Gold fell $US1.80 an ounce to $US1,257.50
- Oil was up $US0.58 a barrel to $US74.67
- The Australian dollar was buying 91.74 US cents
In Australian trade yesterday the market closed lower rebounding partially from its mid-trade lows. The Benchmark S&P/ASX200 index finished down 36.0 points, or 0.79%, to 4537.2. The broader All Ordinaries index lost 34.7 points, or 0.75%, to 4578.3.
In overseas markets, US equities resumed their rally after a successful auction of Portuguese Government debt eased worries about the European financial system. The US Federal Reserve also reported that more regions of the nation experienced slower growth late in the summer, trimming some of the markets gains.
The Dow Jones Industrial Average closed up 46.32 points, or 0.45%, at 10,387.01. The broader S&P500 index closed up 7.03 points, or 0.64%, at 1098.87. The Nasdaq composite closed up 19.98 points, or 0.90%, at 2228.87 points.
European stock markets started the trading day in the red, in line with a slide in Asian equities. However sentiment rose in mid-afternoon following reports on the German economy, and news of the successful sovereign bond issue in Portugal.
The London FTSE index added 21.92 points, or 0.41%, to 5429.74. The German DAX 30 climbed 46.55 points, or 0.76%, to 6164.44. The French CAC 40 rose 33.40 points, or 0.92%, to 3677.21.