The Morning Jumpstart


  • SPI200 (Sep) overnight futures down 3 pts to 6183
  • SP500 up 3.64 pts to 2907.95
  • NASDAQ down 6.07 pts to 7950.04
  • FTSE100 up 30.89 pts to 7331.12
  • DAX30 up 61.35 pts to 12219.02
  • GOLD futures (Dec) up $5.80 to $1208.70 an ounce
  • COPPER futures (Comex Dec) down $0.003 to $2.728 a pound
  • OIL futures (Nymex Nov) up $1.43 to $71.02 a barrel
  • CRB Index up 1.21 pts at 191.77
  • AUDUSD trading at 0.7265
  • EURUSD trading at 1.1676
  • GBPUSD trading at 1.3149
  • USDJPY trading at 112.2500


The US had a mixed night as the DOW was strong while the Nasdaq and SP500 lagged. Financial stocks outperformed as US Bond yields spiked on positive data and as traders look towards interest rate rises. Trade concerns continued to ease as China is seen to be ‘running out of bullets’ and will need to go to the negotiation table with the US. Investors now face the dilemma of whether ongoing trade tensions and tighter monetary policy finally slow the US economy. The DOW was up another 158.80 pts or 0.61% while the broader SP500 was up 0.13% and the Nasdaq was down 0.08%. In Europe shares were higher on easing trade concerns and as European Indexes played catch-up to the US’s rally from the previous session.

We may see some volatility in the Nasdaq as many of the hot growth companies are being reclassified from one industry to another and portfolios will need to be re-adjusted.

The USD index was slightly weaker as safe haven traders exited the currency in search of yield as trade concerns ease. The GBP, the EUR and the AUD gained in a relatively contained session. GBP traders now focus on the EU summit for news on Brexit as neither the bears or bulls manage to take control on recently mixed news.

Gold was higher being supported by weakness in the USD although longer term the USD is expected to rally on rising interest rates. Copper stalled after the previous sessions rally as traders mull over demand for the metal. Oil had a solid night as US inventories again came in well lower than expectations being down for a fifth straight week as supply eases.

Cryptocurrencies had another positive night to back up the previous session as Bitcoin trades at $6442.4 up 1.81%. Ethereum is currently trading at $211.46 up 1.28% and Ripple is at $0.33006 up 3.66%.

Locally, the ASX200 had a good day yesterday to close up 28.5 points taking a lead from the US overnight. Materials and Energy stocks supported the action as global sentiment improved. Advancing stocks outnumbered falling ones by 657 to 509 and 382 ended unchanged. We expect energy stocks to find strength today along with materials as commodity indexes rally.

The ASX200 is expected to open down 5 points as the SPI200 has a choppy night. The rollover to the Dec futures contract today will mean an extended open for the ASX this morning.



NZD  GDP 8:45am

AUD  RBA Bulletin 11:30am

CHF  SNB Monetary Policy Assessment and Libor Rate 5:30pm

GBP  Retail Sales 6:30pm

USD  Philly Fed Manufacturing Index and Unemployment Claims 10:30pm

EUR  German Buba President Weidmann Speaks 1:15am