The Morning Jumpstart


  • SPI200 overnight futures down 4 pts to 6179
  • SP500 down 16.18 pts to 2888.80
  • NASDAQ down 114.25 pts to 7895.79
  • FTSE100 down 1.94 pts to 7302.10
  • DAX30 down 27.92 pts to 12096.41
  • GOLD futures (Dec) up $5.00 to $1206.10 an ounce
  • COPPER futures (Comex Dec) up $0.003 to $2.649 a pound
  • OIL futures (Nymex Nov) down $0.23 to $68.54 a barrel
  • CRB Index down 0.84 pts at 189.64
  • AUDUSD trading at 0.7180
  • EURUSD trading at 1.1686
  • GBPUSD trading at 1.3162
  • USDJPY trading at 111.8600


The US was hit overnight as traders bailed out of the market as trade war concerns spiked. Investors looked ahead to Trumps tariff announcement as he said that the US trade deficit with China is too big. China earlier vowed  that it ‘will not play defense’ in the escalating trade dispute which only made traders nervous. Investors are banking on mild inflation and interest rates to support higher stock valuations and stock prices so are sensitive to any headwinds from trade. The DOW was down 92.55 pts or 0.35% while the broader SP500 was down 0.56% and the Nasdaq was hit hardest to finish down 1.43%. In Europe shares held up relatively well amid trade concerns as investors believe that Trump will seek a deal ahead of mid term elections and also on reports that tariffs will be 10% not 25% on another $200B of exports.

The USD index was lower as emerging market currencies found some relief and recovered after Turkey took steps to stop the rot. The GBP and the EUR were supported and helped to pressure the USD lower on a brighter outlook for a positive result for Brexit.

Gold bounced back as traders went bargain hunting being supported by USD weakness. Copper also found support from Dollar weakness although still remains pressured by trade concerns. Oil could not hold onto previous sessions gains as traders were quick to book profits as trade concerns are expected to hit Chinese demand.

Cryptocurrencies had another bad night to be hammered lower. Bitcoin is currently trading at $6251.2 down 3.88% while Ethereum is at $196.34 down 11.98% and Ripple is trading at $0.26743 down 5.08%.

Locally, the ASX200 ended the day up 19.7 points after getting the session off to a rocky start opening down 20 points. Advancing stocks outnumbered falling ones by 581 to 568 and 389 ended unchanged. A rise in banks and financials managed to outweigh a fall in healthcare stocks which were hammered by news of a public inquiry. This is a relief for financials as they have been under the pump so negative sentiment is expected to turn to major players in aged-care stocks over the coming days.

The ASX200 is expected to open flat as the SPI200 follows the US lower into the close overnight. The rollover for the SPI200 Sept futures contract to Dec is Thursday.



AUD  Monetary Policy Meeting Minutes and HPI 11:30am

EUR  ECB President Draghi Speaks 5:15pm

CAD  Manufacturing Sales 10:30pm

USD  NAHB Housing Market  Index 12am