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OVERNIGHT MARKET SNAPSHOT (as at 7:30am AEDT)
- SPI200 (Dec) overnight futures up 33 pts to 6679
- SP500 up 8.53 pts to 3004.52
- NASDAQ up 15.50 pts to 8119.79
- Dow Jones up 45.85 pts to 26,833.95
- FTSE100 up 48.25 pts to 7260.74
- DAX30 up 43.50 pts to 12,798.19
- GOLD futures US Session (December) up $6.80 to $1494.30 an ounce
- COPPER futures US Session (Comex Dec) up $0.035 to $2.6680 a pound
- OIL futures US Session (Nymex Nov) up $1.34 to $55.82 a barrel
- CRB Index up 1.79 pts to 177.30
- AUDUSD trading at 0.6854
- EURUSD trading at 1.1131
- GBPUSD trading at 1.2914
- USDJPY trading at 108.7000
- USD Index US Session (ICE Dec) down 0.034 to 97.222
US Stock Indexes looked past some mixed earnings reports to end an uneventful session with minor gains. The market generally lacked any new catalysts to drive the action in either direction and traders were content to remain risk on into equities for now and focus on earnings with some respite from trade talks. US bond yields recovered from lows in a thin market as traders await the US Federal Budget. Yields initially moved lower along with European Bond yields due to uncertainty surrounding Brexit. The late rally in bonds was thanks to news that the EU is considering an extension to Brexit. The DOW closed up 0.17% while the broader SP500 was up 0.28% and the Nasdaq ended up 0.19%. In Europe, Indexes ended higher for the session as traders were buoyed by news that a hard exit will be avoided although the EU has delayed a decision on whether to grant Britain a three-month Brexit extension. Boris said if the deadline is deferred to the end of January, he would call an election as he continues along the path of an exit at all costs by the end of Oct.
The USD saw selling later in the session as the Euro and Pound bounced back from previous weakness which had shorts closing positions. The EURO gained back some lost ground as traders squared up positions ahead of the ECB rate announcement tonight. The GBP was also resetting and stabilizing on Brexit delay news after the spike lower late in the previous session. There is still some lingering uncertainty surrounding the Brexit departure date which may lead to further volatility into the Pound. The AUD continued the move lower off key resistance levels in a move that started around midday during ASX trading. Most of the losses were made back with a slow grind up thanks to weakness into the USD. The USDJPY bounced back as the YEN found sellers across the board to outweigh the weakness into the Dollar.
Gold found found some more buyers to edge price higher being helped by a weaker USD. The trading continues to oscillate around the $1500 zone on the futures market with buyers potentially looking to hold and build support. Crude Oil had a strong rally as buyers found support from weaker than expected US inventory data along with continued dollar weakness. Copper also found buying on a sharp spike higher as traders now have their sights set on previous highs around 2.7050.
Cryptocurrencies had a rough session with prices getting a hammering as technical sellers pile into the action. Bitcoin is currently trading at $7486.4 down 9.18% while Ethereum is at $160.21 down 7.46% and Ripple was hit the hardest and is trading at $0.26664 down 10.56%.
The ASX200 spent all day in the red yesterday until the match at 4pm, but managed to fight its way back from a weak open to end the session up 0.9 points to 6673.1. Some funny business on the close saw the Index match up 11 points at 4:10pm. The biggest gainers for the day were Utilities followed by Energy and Resources stocks while Telecoms came under pressure. Falling stocks outnumbered advancing ones by 632 to 489 and 307 ended unchanged.
The ASX200 is expected to open up 35 points after the SPI200 had a strong rally in the overnight sessions.
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ECONOMIC DATA OUT TODAY (AEDT)
AUD Flash Manufacturing and Services PMI 9am
EUR Spanish Unemployment Rate 6pm
EUR French Flash Manufacturing and Services PMI 6:15pm
EUR German Flash Manufacturing and Services PMI 6:30pm
EUR Flash Manufacturing and Services PMI 7pm
EUR Main Refinancing Rate and Monetary Policy Statement 10:45pm
EUR ECB Press Conference 11:30pm
USD Durable Goods Orders and Unemployment Claims 11:30pm
USD New Home Sales 1am
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SPI200 INTRADAY LEVELS TO WATCH
