The Morning Jumpstart


  • SPI200 (Sep) overnight futures up 5 pts to 5813
  • SP500 up 28.63 pts to 2740.37
  • NASDAQ up 128.16 pts to 7434.06
  • FTSE100 down 13.44 pts to 7114.66
  • DAX30 up 21.03 pts to 11468.54
  • GOLD futures (Dec) up $19.90 to $1234.90 an ounce
  • COPPER futures (Comex Dec) up $0.0635 to $2.7250 a pound
  • OIL futures (Nymex Dec) down $1.79 to $63.52 a barrel
  • CRB Index up 0.68 pts at 191.64
  • AUDUSD trading at 0.7202
  • EURUSD trading at 1.1409
  • GBPUSD trading at 1.3004
  • USDJPY trading at 112.6900


The US moved higher on optimism from Trump over China trade, to continue the strong start to the month. Trump said that trade talks with China were ‘moving along nicely’ which gave traders hope that the two countries can resolve their differences. A solid session of earnings also lifted the mood as the ‘fear of missing out’ started to claw at buyers. The DOW closed up another 264.98 pts or 1.06% while the broader SP500 was up 1.06% also and the Nasdaq finished up 1.75%. In Europe Indexes were mixed with the FTSE lower and the DAX higher.

The USD was under pressure from the start and closed weaker as data showed that the labour market tightened and manufacturing activity slowed while traders look ahead of the employment data tonight. The EUR and the AUD were both higher on USD weakness while the AUD got a boost from stronger commodity prices. The GBP had a strong night being lifted by news of a potential Brexit deal. The ‘Time of London’ reported that a tentative deal has been reached which will allow UK banks to continue operating in the EU. Meanwhile the BOE left interest rates on hold.

Gold had a solid night to close up 1.65% on the futures market on USD weakness to make back all of the previous sessions losses. Oil had another weak night to continue lower as traders are concerned over increasing output to lift supply. Copper also managed to gain on a weaker USD and also as Trump talks up improving relations with China who are the worlds biggest consumer with an estimated 70% of consumption being imported.

Cryptocurrencies were mixed but generally held around yesterdays levels with Bitcoin trading at $6375.1 up 0.13%, Ethereum at $198.09 down 0.41% and Ripple at $45592 up 0.54%.

Locally, the ASX200 opened up stronger and then grinded lower for the rest of the day to finish up only 10.5 points. Asian stocks were largely higher in afternoon trade as China’s leaders signalled more stimulus measures may be on the cards. Traders will be looking for a good finish to the week to go into the weekend on a positive note. We expect a bit of profit taking today ahead of the US payrolls tonight as traders still remain jittery in the global environment and will be happy to take the gains. Advancing stocks outnumbered falling ones by 644 to 550 and 298 ended unchanged.

The ASX200 is expected to open up 5/10 points after the SPI200 had a contained session. Traders will be focused on retail sale data today and then US employment data tonight.



AUD  Retail Sales and PPI 11:30am

EUR  German Import Prices 6pm

EUR  German Final Manufacturing PMI 7:55pm

EUR  Final Manufacturing PMI 8pm

GBP  Construction PMI 8:30pm

CAD  Employment Change and Unemployment Rate 11:30pm

USD  Non-Farm Employment Change and Unemployment Rate 11:30pm