IG Markets Morning Prices

Good morning,

On Wall St overnight, US stocks gained after an early slide amid speculation the Federal Reserve will take further steps to stimulate the economy. Treasuries pared gains and higher oil and copper prices helped lift the commodity players.

Once again, the NASDAQ was the top performer, adding 0.9%. Both the S&P 500 and Dow Jones Industrial Average finished the session 0.6% firmer.

Domestically, the ASX 200 is called to open 0.9% firmer at 4444 following the positive session on Wall St where all sectors bar healthcare finished in the green.

We're likely to see a strong performer from our materials sector today after the US basic materials sector was the standout overnight, rising 3%. Base metals on the London Metals Exchange were mostly stronger too, with zinc, copper and nickel all higher between 0.3% and 1.2%. In normal London Stock Exchange trade, both Rio Tinto and BHP Billiton surged, adding 4.1% and 3.1% respectively. BHP Billiton's ADR is calling the locally listed stock to open 2.1% firmer at $39.11, with eyes firmly on BHP Billiton's full year production report due this morning.

We should also see solid support among our energy names after Crude Oil futures advanced 0.8% since our 4.30pm close yesterday. Coal miners are likely to be well bid too after Peabody Energy, the world's largest private-sector coal company rose 1.8% after reporting a strong Q2 result on the back of strong Asian demand.

Elsewhere, consumer discretionary, industrial and financial names should be well bid after their corresponding sectors had strong sessions in US trade.

In summary, it looks like we'll see a strong open to our market before attention turns towards Asian trade. The Melbourne Institute Leading Index is due for release at 10.30, but is unlikely to have much of an impact on the market.

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