The Morning Jumpstart


  • SPI200 (Sep) overnight futures down 23 pts to 6169
  • SP500 down 1.08 pts to 2929.67
  • NASDAQ down 41.28 pts to 7986.96
  • FTSE100 up 122.91 pts to 7490.23
  • DAX30 up 104.40 pts to 12430.88
  • GOLD futures (Dec) down $7.90 to $1203.40 an ounce
  • COPPER futures (Comex Dec) up $0.105 to $2.845 a pound
  • OIL futures (Nymex Nov) up $0.40 to $70.72 a barrel
  • CRB Index up 1.27 pts at 193.98
  • AUDUSD trading at 0.7290
  • EURUSD trading at 1.1749
  • GBPUSD trading at 1.3072
  • USDJPY trading at 112.5900


The US had another mixed night as the DOW continues to rally into new highs while the other major indexes lag. The DOW was up 86.52 pts or 0.32% while the broader SP500 was down 0.04% and the Nasdaq was also down 0.51%. Companies in the Dow Jones most exposed to a trade war are playing catchup to the SP500 to lift the index as traders see the impact from tariffs being less than originally thought. In Europe major Indexes were helped by a drop in the Euro and Pound as major exporters supported the DAX and FTSE Indexes.

US Bond yields were steady ahead of the US Fed Reserves interest rate meeting Thursday where rates are expected to be lifted 0.25%. Traders are happy to edge out of the USD and into riskier assets which is keeping a lid on yields.

The USD index was higher as weakness in the GBP lifted the US currency. The GBP was hit by sellers as the EU rejected the UKs Brexit plans without a full explanation. UK Prime Minister May said that talks have reached and impasse and that the EU must supply an alternative proposal. The EUR also come under a bit of pressure from sellers while the AUD managed to hold its ground and remain unchanged for the day as improved sentiment on tariffs help support the commodity currency.

Gold was lower as the choppy action continues with bargain hunters being offset by continued selling. Copper gained as sentiment continued to turn positive on tariffs after the US imposed 10% rather than the expected 25%. Oil held above the $70 mark as OPEC in a statement said US oil output to grow over coming years thanks to rising shale levels while demand tightens for OPEC countries. This is a slap in the face for Trump who is asking for increased output to ease the headache caused from rising US gasoline prices.

Cryptocurrencies continued to push higher with Bitcoin currently trading at $6683.1, Ethereum trading at $241.01 and Ripple still strong at $0.56319 up over 100% in the last 7 days.

Locally, the ASX200 finished positive after a choppy session that saw selling into the close to give up most of the days gains only to match 10 points higher at 4:10pm. Advancing stocks outnumbered falling ones by 701 to 481 and 381 ended unchanged. Stronger Copper prices supported a materials rally while the Big Four Banks struggled.

The ASX200 is expected to open down 20 points after the SPI200 struggled in the overnight session.



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