The Morning Jumpstart


  • SPI200 (Sep) overnight futures down 3 pts to 5829
  • SP500 down 11.91 pts to 2710.27
  • NASDAQ down 62.16 pts to 7138.71
  • Dow Jones down 215.99 pts to 25,070.50
  • FTSE100 down 19.97 pts to 7033.79
  • DAX30 down 59.69 pts to 11412.53
  • GOLD futures (Dec) up $10.60 to $1212.00 an ounce
  • COPPER futures (Comex Dec) up $0.0270 to $2.7140 a pound
  • OIL futures (Nymex Dec) up $0.57 to $56.26 a barrel
  • CRB Index up 3.52 pts at 188.06
  • AUDUSD trading at 0.7242
  • EURUSD trading at 1.1327
  • GBPUSD trading at 1.3020
  • USDJPY trading at 113.5000


The US continued its slide lower overnight as traders remained focused on headwinds for global share markets. The DOW was down 0.85% while the broader SP500 fared better down 0.44% and the Nasdaq followed the herd ending down 0.86%. In Europe shares saw a broad based selloff across oil, mining, technology and banking stocks on continued concern over global growth and as the Italian budget crisis grows. Continued pressure on Italian government bonds could easily trigger a major debt problem across the region.

The USD continued lower overnight more from cross currency buying into Euro and Pound than from an adjusted view on the Dollar. The EUR, the AUD and the GBP all rallied to end higher with the Euro and GBP starting to price in Brexit although it is still far from a done deal. The EUR still has to contend with Italy and the re-submission of their budget plans which may not show a lot of change to the dismay of the EU.

Gold rallied as gold bugs dived back into the precious metal which found support from a drop in the USD. Oil managed to gain back some lost ground overnight after the selloff in the previous session. The rally came on the back of the growing prospect that OPEC countries will cut output by up to 1.4 million barrels per day to prop up the commodity. Copper continued to find some buying support as the USD pushed lower.

Cryptocurrencies had a rough night getting hit hard after Bitcoin fell through a key support level to trigger a wave of selling across the board. Bitcoin currently trades at $5728.3 down 12.30%, Ethereum is trading at $183.55 down 14.37% and Ripple at $0.45471 down 12.73%.

Locally, the ASX200 was again hammered down 101.4 pts to close at 5732.8. Declining stocks outnumbered rising ones by 814 to 351 and 326 ended unchanged. Oil stocks came under pressure after Crude Oil broke below key support. Banks continued to fall as certain findings from the royal commission are yet to be handed down and they felt the brunt of the move lower today on good volume. Traders will be busy with news today with the US Fed Powell speaking and then Aus Employment data followed by RBA Assist Gov Debelle speaking.

The ASX200 is expected to open relatively flat after the SPI200 found some buying interest into the European and US session to hold a minor support level around 5728. A lot of news and data releases today may keep trading contained.



USD  Fed Chair Powell Speaks 10am

AUD  Employment Change and Unemployment Rate 11:30am

AUD  RBA Assist Gov Debelle Speaks 12:30pm

GBP  Retail Sales 8:30pm

EUR  Trade Balance 9pm

GBP  MPC Member Tenreyro Speaks 12am

USD  Retail Sales data, Import Prices and Unemployment Claims 12:30am

USD  FOMC Member Quarles Speaks 2am

USD  Crude Oil Inventories 3am

USD  Fed Chair Powell Speaks 3:30am