The Morning Jumpstart


  • SPI200 (Sep) overnight futures down 45 pts to 5780
  • SP500 down 49.07 pts to 2736.61
  • NASDAQ down 92.99 pts to 7329.06
  • FTSE100 down 138.81 pts to 7006.93
  • DAX30 down 173.15 pts to 11539.35
  • GOLD futures (Dec) up $33.20 to $1226.70 an ounce
  • COPPER futures (Comex Dec) down $0.011 to $2.769 a pound
  • OIL futures (Nymex Nov) down $2.28 to $70.88 a barrel
  • CRB Index down 1.49 pts at 196.63
  • AUDUSD trading at 0.7118
  • EURUSD trading at 1.1596
  • GBPUSD trading at 1.3234
  • USDJPY trading at 112.1100


The US was again under the pump as major indexes continued the retreat from highs as traders grew concerned ahead of the quarterly reporting season. Investors are now focusing on future earnings as rising US interest rates are still the major concern with the cost of financing both on corporate and government debt increasing. Tariffs also remain a concern as Trump continues to argue with China. The DOW closed down another 545.91 pts or 2.13% while the broader SP500 was down 2.06% and the Nasdaq closed down 1.25%.  In Europe fear gripped markets again thanks to rising debt costs and signs of slowing global growth as tariffs continue to concern traders.

A weaker than expected CPI number in the US and higher unemployment saw Bonds rally and yields fall as traders paired their bets on a faster pace of interest rate rises and the appeal of the USD. Us bond yields backed off from highs Tuesday around 3.26% to 3.16%

The USD was lower on higher bonds and as the share market continued to fall. The GBP was higher on USD weakness while the EUR was gained as minutes from the ECB showed that policy makers have not given up on their plan to end 2.6 trillion-euro bond-purchase program this year. The AUD managed to follow other major crosses higher on USD weakness.

Gold bugs were out in force today pushing the precious metal up over 2.8% as technical traders broke through some key resistance levels. Copper was lower again continuing on from the previous session as concern for US/China trade relations persist. Oil also continued its way lower but still managed to hold above the $70 a barrel mark as US inventories rose more than expected.

Cryptocurrencies came under fire overnight as the generally market negativity gripped the space. Bitcoin is currently trading at $6270.9 down 5.62% while Ethereum is at $200.13 down 13.17% and Ripple is at $0.40558 down 15.37%.

Locally, the ASX200 was hit hard yesterday and we may be in for a further ride lower today. The index was down 166 points or 2.74% as traders ran for cover after the US was hammered. Asian markets plunged which accelerated our shares lower into the close. Nothing was safe yesterday as declining stocks outnumbered rising ones by 1175 to 167 and 253 ended unchanged. A sharp rise in gold overnight will lift gold miners today giving traders something to be happy about although the Energy sector may suffer again.

The ASX200 is expected to open down another 50 points after the US was another sea of red overnight.



AUD  RBA Financial Stability Report and Home Loans 11:30am

Day 2 G20 Meetings

CNY  Trade Balance Tentative

EUR  German Final CPI 5pm

EUR  Industrial Production 8pm

USD  Import Prices 11:30am

USD  Consumer Confidence 1am

Day 1 IMF Meetings