The Morning Jumpstart


  • SPI200 (Sep) overnight futures down 17 pts to 5644
  • SP500 down 46.88 pts to 2658.69
  • NASDAQ down 151.12 pts to 7167.21
  • FTSE100 down 64.54 pts to 6939.56
  • DAX30 down 106.50 pts to 11200.62
  • GOLD futures (Dec) up $3.40 to $1235.80 an ounce
  • COPPER futures (Comex Dec) up $0.006 to $2.749 a pound
  • OIL futures (Nymex Dec) up $0.26 to $67.59 a barrel
  • CRB Index up 0.72 pts at 195.51
  • AUDUSD trading at 0.7090
  • EURUSD trading at 1.1403
  • GBPUSD trading at 1.2828
  • USDJPY trading at 111.9100


The US gave up the previous sessions gains Friday night to close on a sour note into the weekend. The DOW closed down 296.24 pts or 1.19% while the broader SP500 was down 1.73% and the Nasdaq also finished down 2.07%. Tech came under pressure after earnings reports from and Alphabet missed the mark. US Bonds continued to press higher as yields fall on safe haven buying as higher volatility hangs around global markets. In Europe major Indexes were also dragged lower after a weak Asian session and as wary analysts rush to downgrade estimates after recent disappointing results.

The USD was initially stronger after GDP data showed that economic growth slowed less than expected although continued uncertainty dragged it lower into the close. The EUR and the GBP were both stronger thanks to the USD fall while Brexit talks go on hold because Prime Minister May’s cabinet was not close enough to agreement on how to proceed. The AUD also managed to close out the last day in the trading week with a small gain.

Gold had a good end to the week as safe haven buyers continued to dip their toes into the action. Oil edged higher even as Saudi Arabia warned that oversupply, the slump in stock markets and concern about trade clouded the outlook for fuel demand. Copper edged higher but continues to struggle even as physical supplies of the metal are falling.

Cryptocurrencies are holding up around Fridays levels with Bitcoin trading at $6476.1 down 0.13%, Ethereum trading at $204.33 up 0.24% and Ripple at $0.46062 up 0.15%.

Locally, the ASX200 grinded lower for most of the session Friday until a small rally into the close left the index up 1.1 points. The US bounced the prior night but the DOW futures were beaten down prior to the ASX200 open which left a lot of traders scratching their heads with the weaker than expected open. The big four found some relief although they still look weak so will not take much for them to continue the push lower. Declining stocks outnumbered rising ones by 593 to 554 and 347 ended unchanged.

The ASX200 is expected to open down 15 points after a choppy overnight session Friday night saw the SPI200 hold up off the days lows.



AUD  HIA New Home Sales Tentative

GBP  Net Lending to Individuals 8:30pm

USD  Personal Spending and Personal Income 11:30pm