The Morning Jumpstart


  • SPI200 (Sep) overnight futures up 7 pts to 6167
  • SP500 up 10.61 pts to 2924.59
  • NASDAQ down 9.05 pts to 8037.30
  • FTSE100 down 14.53 pts to 7495.67
  • DAX30 up 92.30 pts to 12339.03
  • GOLD futures (Dec) down $3.60 to $1192.60 an ounce
  • COPPER futures (Comex Dec) down $0.020 to $2.785 a pound
  • OIL futures (Nymex Nov) up $2.22 to $75.47 a barrel
  • CRB Index up 2.63 pts at 197.79
  • AUDUSD trading at 0.7221
  • EURUSD trading at 1.1578
  • GBPUSD trading at 1.3040
  • USDJPY trading at 113.9700


The US ended the session stronger being buoyed by a new NAFTA agreement in the dying hours. The new agreement with Mexico and Canada is aimed at bringing new jobs into the US as the two countries accept more restrictive terms with the US. Safe haven assets such as US 10-year bonds came under pressure with yields rising as traders exited into riskier assets. Traders see the agreement with Canada as s good sign for prospective talks with China. The DOW was strong closing up 192.90 pts or 0.73% while the broader SP500 was up 0.36% and the Nasdaq ended down 0.11%.  In Europe share Indexes were mixed with the DAX closing higher while Brexit issues remain for the FTSE which closed slightly weaker.

The USD index continued to press higher as the currency got a boost from a last minute deal with Canada. The GBP found minor support from a potential compromise on the Irish border issue in Brexit talks. The AUD was unchanged ahead of the RBA statement in interest rates today while the EUR continued lower as it came under pressure from concerns over Italian debt. Italy is planning to lift its budget deficit to 2.4% of GDP which, to the EU’s dislike, is three time the previous target.

Gold was lower again giving up minor gains as the USD rallied and safe haven traders went elsewhere. Copper also edged lower on strength in the USD and no new news on the US/China trade front with China out of action for the week. Oil buyers jumped into the action in force to push prices up 2.80% as they view the new NAFTA (USMCA) agreement as positive for growth.

Cryptocurrencies are stronger across the board with Bitcoin trading at $6610.up 0.57% and Ethereum is at $231.93 up 1.27% while Ripple trades at $0.59202 up 3.60%.

Locally, the ASX200 was lower for the session yesterday down 35.3 points. The banks were hit after the interim report was released from the royal commission which showed bribery, fraud, fee-gouging and board-level deception across the industry. Prime Minister Scott Morrison is calling on the country’s financial regulator to prosecute bankers although Treasurer Josh Frydenberg is concerned that any action may hurt the economy or lead to tighter lending. Traders will be awaiting the RBA statement on interest rates today at 2:30pm. Declining stocks outnumbered rising ones by 575 to 505 and 365 ended unchanged.

The ASX200 is expected to open up 5/10 points after the SPI200 bounced overnight. We may see a contained session ahead of the RBA statement and as China are on holidays although it may depend on whether traders want to have another go at the banks for some action.



CNY  Bank Holiday

AUD  RBA Rate Statement and Cash Rate 2:30pm

GBP  Construction PMI 6:30pm

EUR  PPI 7pm

USD  FOMC Member Quarles Speaks 12am

USD  Fed Chair Powell Speaks 2:45am