A sluggish start is seen for the Australian stock market as a reflection of negative overnight leads from the U.S. and European stock markets. In spite the good import numbers reported for the first time in the U.S., stocks still skidded due to the pessimism pervading the commodities markets.

According to Commonwealth Securities chief economist Craig James, "the Euro and commodity currencies extended its recent weakness against the greenback on Wednesday. The Euro fell from highs near US$1.3060 to around US$1.2950 and was near US$1.2980in late US trade. The Aussie dollar fell from highs around US100.40c to US98.85c, and was near US99.05c in late US trade. And the Japanese yen held between 77.85 yen per US dollar and JPY78.15, and was near JPY78.05 in late US trade".

James noted that "world crude oil prices fell sharply on Wednesday. Renewed fears about Europe´s debt crisis triggered selling despite OPEC maintaining production at a total of 30 million barrels per day. Nymex crude oil fell by US$5.19 to US$94.95 a barrel and London Brent crude fell US$4.48 to US$105.02 a barrel."

According to IG Markets analyst Stan Shamu, they antcipate "a weak start for the Aussie market dropping 1.1% at 4146. On the economic front, traders should be on the lookout for inflation expectations and new motor vehicle sales data this morning. China's HSBC flash manufacturing number is also one to watch."

Top Gainers Wednesday, 14 December:

1. (IFN) INFIGEN

2. (HDF) HDUF

3. (DOW) DOWNER EDI

4. (BSL) BLUESCOPE

5. (CPL) COALSPUR

Widely Held Stocks:

1. (AMP) AMP

2. (ANZ) ANZ BANK

3. (BHP) BHP BILLITON

4. (CBA) CBA BANK

5. (NAB) NATIONAL BANK

6. (NWS) NEWSCORP

7. (TLS) TELSTRA

8. (WBC) WESTPAC

9. (WES) WESFARMERS

10. (WOW) WOOLWORTHS

Market Indicators from IG Markets

Market

Price at 8:30am AEST

Change Since Australian Market Close

Percentage Change

AUD/USD

0.9909

-0.0113

-1.13%

ASX (cash)

4146

-45

-1.07%

US DOW (cash)

11828

-158

-1.32%

US S&P (cash)

1212.0

-17

-1.38%

UK FTSE (cash)

5383

-76

-1.39%

German DAX (cash)

5695

-44

-0.77%

Japan 225 (cash)

8428

-81

-0.95%

Rio Tinto Plc (London)

30.35

-1.50

-4.71%

BHP Billiton Plc (London)

18.36

-0.66

-3.47%

BHP Billiton Ltd. ADR (US) (AUD)

35.07

-0.63

-1.76%

US Light Crude Oil (Jan)

94.97

-5.12

-5.12%

Gold (spot)

1575.0

-65

-3.93%

Aluminium (London)

1963.00

-39

-1.95%

Copper (London)

7210.00

-390

-5.13%

Nickel (London)

17400.00

-905

-4.94%

Zinc (London)

1845.00

-67

-3.50%

RBA Cash Rate to be decreased by 25bp (Feb) (%)

51.00

0

0.00%

IG Markets provides round-the-clock CFD trading on currencies, indices and commodities. The levels quoted in this email are the latest tradeable price for each market. The net change for each market is referenced from the corresponding tradeable level at yesterday's close of the ASX. These levels are specifically tailored for the Australian trader and take into account the 24hr nature of global markets.

Please contact IG Markets if you require market commentary or the latest dealing price.