MARKET SNAPSHOT –
- SPI200 futures closed up 26 pts to 5752
- SP500 futures closed up 18 pts to 2381.50
- FTSE100 futures closed up 27.50 pts to 7447.00
- DAX30 futures closed up 44.50 pts to 12636.00
- GOLD finished up $0.80 to $1253.60 an ounce
- COPPER futures finished up $5.00 to $258.15 a pound
- OIL futures finished up $0.98 to $50.33 a barrel
- CRB Index finished up 0.2.60 pts to 186.74
- AUDUSD trading at 0.7459
- EURUSD trading at 1.1206
- GBPUSD trading at 1.30.36
- USDJPY trading at 111.2600
Another strong bounce back in the US in Friday nights session leaves the US SP500 modestly lower at the end of the week. The major indexes were close to break even at one point in the session but gave up some of their gains into the close. The Industrials, Energy and Financials sectors led the markets higher in a slow and steady climb from the open underpinned by some good company reporting and Oils gains. Europe was supported by some good economic data with Londons FTSE still focused on Brexit negotiations.
The USD fell in Fridays trading to make it for its worst week since April 2016 against a basket of major currencies. Political uncertainty has pushed the USD lower to give up gains made since Trump was elected the US Commander and Chief. The EURO continued to gain on the back of the possibility the ECB will wind down its monetary stimulus program as recent data out of the Eurozone points to a robust recovery. The Pound also gained even as some traders are calling a top expecting the currency to be vulnerable to Brexit negotiations.
Crude Oil gained to close above the $50 mark. Saudi Arabia’s energy minister said on Saturday that all oil producers were in agreement to extend crude output cuts by nine months. Gold had a tame session as potential safe haven buyers watched mixed signals as USD dropped but Equities rallied.
The ASX200 is expected to open 20 points higher after the strong session in the US dragged SPI200 overnight futures higher.
ECONOMIC DATA OUT TODAY (AEDT) –
JPY Trade Balance 9:50am
EUR German Bupa Monthly Report 8pm
EUR Eurogroup Meetings All Day
CNY CB Leading Index 11pm
USD FOMC Member Harker Speaks 12am
ASX200 INTRADAY LEVELS TO WATCH –