MARKET SNAPSHOT

  • SPI200 futures closed down 9 pts to 5856
  • SP500 futures closed down 4.25 pts to 2391
  • FTSE100 futures closed up 12.50 pts to 7351
  • DAX30 futures closed down 57 pts to 12708
  • GOLD finished up $6.10 to $1225 an ounce
  • COPPER futures finished up $1.30 to $250.75 a pound
  • OIL futures finished up $0.49 to $47.82 a barrel
  • CRB Index finished up 0.94 pts to 182.03
  • AUDUSD trading at 0.7379
  • EURUSD trading at 1.0862
  • GBPUSD trading at 1.2887
  • USDJPY trading at 113.8300

The US markets looked set to push lower as traders put pressure on the Indexes but a late end of session rally saw losses trimmed. The retail industry was hit as earnings that came out were a major disappointment and sent the retail-heavy  consumer discretionary sector lower. Europe was mixed with the FTSE100 Index continuing its push higher in search of new highs while the German DAX index was lower.

Crude Oil continued its push higher to gain 1.1% as traders continued buy after yesterdays bullish US inventory report. The potential for an extension to output cuts from OPEC members and potentially non-OPEC members has managed to support prices the last few days. OPEC has warned that higher prices for Oil will encourage US shale drillers to pump more hampering efforts to clear the global glut capping Crude Oil gains.

The USD fell away overnight to give up some of the gains from the previous few days as traders booked profits. The Pound also found selling as a Bank of England inflation report showed rates are unlikely to rise within the next two years. The EURO and AUD were relatively unchanged from yesterdays levels.

Gold saw buyers jump back into the market as to did Copper.

The ASX200 is expected to open 5/10 points lower as the SPI200 futures followed the US to close slightly lower overnight.

 

ECONOMIC DATA OUT TODAY (AEDT) –

EUR German Prelim GDP and Final CPI data 4pm

ALL Day 1 G7 Meetings

USD CPI and Retail Sales Data 10:30pm

USD FOMC Member Evans Speaks 11pm

USD Prelim Consumer Sentiment 12am

USD FOMC Member Harker Speaks 2:30am

 

ASX200 INTRADAY LEVELS TO WATCH –