The Morning Jumpstart


  • SPI200 (Sep) overnight futures up 73 pts to 5701
  • SP500 up 49.47 pts to 2705.57
  • NASDAQ up 209.94 pts to 7318.34
  • FTSE100 up 41.12 pts to 7004.10
  • DAX30 up 115.49 pts to 11307.12
  • GOLD futures (Dec) up $3.00 to $1234.10 an ounce
  • COPPER futures (Comex Dec) up $0.011 to $2.757 a pound
  • OIL futures (Nymex Dec) up $0.27 to $67.09 a barrel
  • CRB Index up 0.32 pts at 194.79
  • AUDUSD trading at 0.7081
  • EURUSD trading at 1.1372
  • GBPUSD trading at 1.2818
  • USDJPY trading at 112.4800


The US bounced and managed to make back some of the lost ground from the previous sessions share market rout. The DOW closed up 401.13 pts or 1.63% while the broader SP500 was up 1.86% and the Nasdaq also rallied finishing up 2.95%. Markets initially pressed lower on the open but then rallied strong into the close as bargain hunters came out to play. The DOW dropped over 100 points after the close as futures markets locked in intraday gains after the bell. In Europe major Indexes started the session well on the back foot then followed the US higher to end in the green.

The USD rallied being lifted by weakness in the EURO and GBP. The EUR was weaker as President Draghi from the ECB flagged concerns over risks associated with Italy and Brexit. The EUR initially bounced on the ECB statement as the Central Bank reaffirmed its asset purchase program will end this year and that interest rates could rise after next summer, but fell away as they failed to ease concerns over surging borrowing costs and emerging market currencies. The GBP was also weaker as Draghi said the longer Brexit talks drag on, the everyone must prepare for the possibility that Britain could exit the EU with no deal. The AUD managed to buck the trend and close stronger as commodity indexes rallied and Copper lifted.

Base metal were relatively flat as the USD edged higher. Gold also had an uneventful night but managed to hang on to recent gains. Oil was higher as recent sellers locked in some gains to refocus on supply concerns and as Saudi Arabia’s energy minister signaled major producers may need to intervene in crude markets to support prices.

Cryptocurrencies edged lower as they seem to be insulated from the rout in global shares. Bitcoin is currently trading at $6519.5 down 0.39% while Ethereum is at $204.58 down 0.72% and Ripple is at $0.46597 down 0.22%.

Locally, the ASX200 fell apart and closed down 164.9 points with 30 points of the move in the last 15 minutes of session. Weakness from the US continued to filter through to the Aussie and Asian markets as the ASX200 broke straight through key technical support on the open at 5800. None of the major stocks were safe with the metals and mining sector leading the charge lower while the energy sector was not far behind. AMP was belted nearly 25% after it announced the sale of its life insurance arm at a discount and they try to work through their issues. Gold was slightly higher as Gold in Aussie dollars pushed higher. Declining stocks outnumbered rising ones by 1067 to 215 and 283 ended unchanged.

The ASX200 is expected to open up 70/75 points after the SPI200 bounced overnight. Caution is the key at the moment as we are still expecting to see the lows retested before any meaningful rally.



JPY  Tokyo Core CPI 10:30am

USD  Advance GDP 11:30pm

EUR  ECB President Draghi Speaks 1am

USD  Consumer Sentiment and Inflation Expectations 1am