The Morning Jumpstart

OVERNIGHT MARKET SNAPSHOT –

  • SPI200 (Sep) overnight futures down 12 pts to 5911
  • SP500 down 1.00 pts to 2767.78
  • NASDAQ down 36.11 pts to 7449.03
  • FTSE100 up 28.81 pts to 7049.80
  • DAX30 down 35.38 pts to 11553.83
  • GOLD futures (Dec) up $0.10 to $1230.00 an ounce
  • COPPER futures (Comex Dec) up $0.035 to $2.782 a pound
  • OIL futures (Nymex Nov) up $0.47 to $69.12 a barrel
  • CRB Index up 0.54 pts at 197.18
  • AUDUSD trading at 0.7119
  • EURUSD trading at 1.1514
  • GBPUSD trading at 1.3076
  • USDJPY trading at 112.5500

 

The US had a mixed session with the DOW up, Nasdaq lower and the broader SP500 flat. Traders will be awaiting earnings results from Amazon, Alphabet and Microsoft this week at a time when confidence in the tech sector is fragile. The DOW closed up 64.89 pts or 0.26% while the broader SP500 was down 0.04% and the Nasdaq finished down 0.48%. In Europe major Indexes were generally flat to end the week. Traders still see Italy as a drag on markets as the EU officially questions Italian budget plans. Some expect the EU to take the unprecedented step Tuesday of asking Italy to revise its budget plans.

The USD gave up some of its recent gains into the close ahead of the weekend. Net long positions on the USD were down for the first time in 18 consecutive weeks from $27.79 Billion to $27.64 Billion. The GBP, AUD and the EUR all managed to close out the week with some gains. The EUR and GBP also got an extra nudge higher after a report said Britain is ready to drop a key Brexit demand.

Gold held its ground even as the USD strengthened as safe haven buyers are happy to stay in the precious metal as share markets remain uncertain. Copper managed to bounce back as buyers stepped back in on dwindling physical supplies. Oil also managed to bounce back after a few days of selling pressure.

Cryptocurrencies are up from Fridays levels with Bitcoin trading at $6615.2 up 0.69% while Ethereum is at $208.86 up 0.07% and Ripple is trading at $0.46729 down 0.05%.

Locally, the ASX200 got off to a rough start to the session Friday, but managed to rally into the close to finish down only 2.9 points after being down around 55 points at one stage. Declining stocks outnumbered rising ones by 644 to 502 and 349 ended unchanged. Asian shares also clawed back losses as China’s efforts to boost investor confidence helped buoy markets after early data saw  weaker than expected economic growth and a slowing economy.

The ASX200 is expected to open down 10/15 points after the SPI200 was caught in a tight range through the night session.

 

ECONOMIC DATA OUT TODAY (AEST) –

JPY  All Industries Activity 3:30pm

AUD  CB Leading Index 1:30am

EUR  German Buba Monthly Report  Tentative

 

SPI200 INTRADAY LEVELS TO WATCH –