The Morning Jumpstart


  • SPI200 (Sep) overnight futures down 16 pts to 5675
  • SP500 down 51.12 pts to 2685.15
  • NASDAQ down 219.40 pts to 7028.48
  • Dow Jones down 395.78 pts to 25,017.44
  • FTSE100 down 12.99 pts to 7000.89
  • DAX30 down 96.46 pts to 11244.54
  • GOLD futures (Dec) up $1.20 to $1224.20 an ounce
  • COPPER futures (Comex Dec) down $0.0060 to $2.7980 a pound
  • OIL futures (Nymex Dec) up $0.30 to $56.76 a barrel
  • CRB Index up 1.46 pts at 188.76
  • AUDUSD trading at 0.7292
  • EURUSD trading at 1.1455
  • GBPUSD trading at 1.2854
  • USDJPY trading at 112.5100


The US started the week on the back foot with a strong move down as the bears pressured the action lower. Conflicting reports over the US and China trade dispute had traders exit the market and back on the sidelines. Apple was lower on reports that they were cutting production which hurt the Nasdaq and overflowed to other tech stocks. Volumes were lower as traders were weary of the shortened trading week with US Thanksgiving holiday Thursday and a shortened session Friday. The DOW was down 1.56% and the broader SP500 was down 1.87% while the Nasdaq led the charge lower ending down 3.03%. In Europe shares managed to open stronger but the gave up gains to trade lower for the session. The Brexit headwinds along with Italian debt and trade concerns have kept investors on the sidelines and Indexes unable to hold onto meaningful gains.

The USD continued to be pressured by cautious comments by the US Fed Reserve on the economy and also as they said that they may be reaching the end of the tightening cycle. Traders are having to reposition portfolios as they re-assess the number of potential rate rises for next year and what that will mean for the USD. The EUR and the GBP were both higher again the back of USD weakness while the AUD was lower being hurt by mixed signals from Trump and his sidekicks on Trade issues with China.

Gold was only slightly higher for the session on the USD weakness with no clear safe haven buying. Oil was also higher helped along by the USD. Iran said that they will continue to export oil despite US sanctions while the EU continue to look for ways around the sanctions. This has not stopped businesses from leaving Iran for fear of US penalties. Copper was relatively unchanged from the previous sessions close.

Cryptocurrencies were hit lower again with Bitcoin trading at $5085.8 down 11.07% while Ethereum is currently trading at $155.07 down 14.43% and Ripple is at $0.50103 down 0.57%.

Locally, the ASX200 started off the day and week on the back foot and edged lower all day. At the close, the ASX200 was down 36.9 points to 5693.7. News filtered through that Saudi Arabia was behind the killing of journalist Jamal Khashoggi which shook the market. Also, traders remain concerned over US/China trade as the US Vice President Mike Spence said that the US will not back down and that further tariffs on Chinese imports are still on the table. Banks remain under pressure as CBA Chief admitted ‘feelings of disappointment and embarrassment’ after what has been uncovered by the Royal Commission. Declining stocks outnumbered rising ones by 669 to 452 and 333 ended unchanged.

The ASX200 is expected to open down 10/15 points after the SPI200 continued the move lower overnight which started in the day session on continued trade concerns.



AUD  Monetary Policy Meeting Minutes 11:30am

JPY  BOJ Gov Kuroda Speaks 2:30pm

EUR  German PPI 6pm

AUD  RBA Gov Lowe Speaks 7:20pm

GBP  Inflation Report Hearings 9pm

USD  Building Permits and Housing Starts 12:30am

EUR  German Buba President Weidmann Speaks 2am