The Morning Jumpstart


  • SPI200 (Sep) overnight futures down 37 pts to 5874
  • SP500 down 55.04 pts to 2725.97
  • NASDAQ down 200.03 pts to 7200.87
  • Dow Jones down 602.12 pts to 25,387.18
  • FTSE100 down 52.26 pts to 7053.08
  • DAX30 down 203.72 pts to 11325.44
  • GOLD futures (Dec) down $6.90 to $1201.70 an ounce
  • COPPER futures (Comex Dec) down $0.0180 to $2.6680 a pound
  • OIL futures (Nymex Dec) down $1.17 to $59.02 a barrel
  • CRB Index down 0.46 pts at 187.99
  • AUDUSD trading at 0.7178
  • EURUSD trading at 1.1223
  • GBPUSD trading at 1.2849
  • USDJPY trading at 113.8100


The US had another session that they would rather forget as major Indexes came under the pump with traders struggled to enjoy the long weekend. The tech sector was led lower by Apple with several suppliers cutting forecasts as demand for the iPhone potentially cools off. The US Bond market was closed overnight so shares found no support. Tech stocks have been the main driver of the bull run so any negative sentiment into the sector is being felt across the board. The DOW was beaten down 2.32% while the broader SP500 was also down 1.98% and the Nasdaq came under fire to close down 2.78%. In Europe shares were also under pressure led lower by tech stocks. A sharp selloff showed the fragility of the market as traders continue to find headwinds for growth from emerging markets.

The USD surged higher as political risks in Europe provided support for the dollar as traders gear up for another US interest rate rise next month. The EU is still at logger heads with Italy over the countries debt and budget plans. Also, growing fears over a ‘no deal’ for Brexit pressured buyers into the Pound and Euro. The EUR, the AUD and the GBP were all lower on USD strength.

Gold continued to fall on strength in the USD and found no support from traditional safe haven buyers. Commodities were again weaker with traders bailing on long positions on a new surge in the USD. Oil continued to fall after Trump tweeted “Hopefully Saudi Arabia and OPEC will not be cutting oil production” in response to OPEC who believe demand was softening enough to warrant an output cut. Copper also could not hold up under market pressure and sellers continued to push prices lower.

Cryptocurrencies were generally stronger overnight with Bitcoin currently trading at $6438.5 up 0.33%, Ethereum trading at $212.63 up 0.54% and Ripple at $0.52594 up 3.70%.

Locally, the ASX200 started the day on the back foot to trade down around 30 points but then gathered some strength to rally into the close and finish up 19.5 points at 5941.3. Falling stocks outnumbered advancing ones by 606 to 542 and 316 ended unchanged. We expect to see our market come under pressure today as global market pressures continue.

The ASX200 is expected to open down 60/65 points after the SPI200 came under pressure overnight as the US went into free fall.



AUD  NAB Business Confidence 11:30am

EUR  German Final CPI Data6pm

GBP  Average Earnings Index and Unemployment Rate 8:30pm

EUR  German ZEW Economic Sentiment 9pm

USD  FOMC Member Brainard Speaks 2am

USD  Federal Budget Balance 6am