MARKET SNAPSHOT –
- SPI200 futures closed down 38 pts to 5790
- SP500 futures closed down 7.75 pts to 2337.25
- FTSE100 futures closed down 160.50 pts to 7102
- DAX30 futures closed down 74.00 pts to 12055
- GOLD finished down $0.40 to $1291.40 an ounce
- COPPER futures finished down $6.80 to $254.20 a pound
- OIL futures finished down $0.30 to $52.35 a barrel
- CRB Index finished down 0.85 pts to 188.08
- AUDUSD trading at 0.7558
- EURUSD trading at 1.0730
- GBPUSD trading at 1.2847
- USDJPY trading at 108.4700
The US was lower overnight weighed down by Goldman Sachs and Johnson & Johnson as both companies revenue fell short of analysts expectations for quarterly reports. A rough start to earnings and geopolitical tensions added to traders caution during the session. Traders will be focused on company market valuations in the following weeks to evaluate whether Index levels are warranted which were driven by the post election rally on the back of expectations of Trump pro-growth policies. The UKs FTSE index had a rough night as Prime Minister Theresa May called for an early general election hoping that a victory will strengthen her party’s majority in government ahead of Brexit negotiations.
The USD was slightly weaker with the big mover in the FX markets being the Pound. The GBPUSD shook off early weakness to rally 2.7% by the bell. The EURO was also strong in overnight trade to close on its highs with the AUD holding lows from yesterdays day session.
Gold was little changed for the session as technical traders hold off on further buying ahead of US earnings. Oil was lower again overnight ahead of Inventory data which is expected to show a drop in US inventories.
The ASX200 is expected to open another 30 points down after a weak day session was followed by further weakness overnight.
ECONOMIC DATA OUT TODAY (AEDT) –
AUD MI Leading Index 10:30am
AUD New Motor Vehicle Sales 11:30am
EUR Final CPI and Trade Balance 7pm
USD Crude Oil Inventories 12:30am
USD Beige Book 4am
ASX200 INTRADAY LEVELS TO WATCH –