OVERNIGHT MARKET SNAPSHOT (8:15am AEDT)-
- SPI200 (Sep) overnight futures up 18 pts to 5660
- SP500 up 11.38 pts to 2653.27
- NASDAQ up 63.43 pts to 6972.25
- Dow Jones down 0.95 pts to 24,464.69
- FTSE100 up 102.31 pts to 7050.23
- DAX30 up 177.76 pts to 11244.17
- GOLD futures (Dec) up $5.10 to $1226.30 an ounce
- COPPER futures (Comex Dec) up $0.0210 to $2.7880 a pound
- OIL futures (Nymex Dec) up $1.03 to $54.46 a barrel
- CRB Index up 1.22 pts at 185.00
- AUDUSD trading at 0.7263
- EURUSD trading at 1.1386
- GBPUSD trading at 1.2778
- USDJPY trading at 113.0800
The US staged a minor recovery to claw back some of the previous sessions losses ahead of the Thanksgiving holiday tonight. Tech stocks rallied to lift sentiment after a two day battering along with some solid earnings results which helped support shares. Generally a rally in tech stocks means a risk on mood from traders although it needs to be supported by volume which the rally overnight was not. Traders will remain concerned for global growth on a continued US/China trade dispute while coming off a high on the back of Trumps tax cuts. The DOW was relatively unchanged while the broader SP500 was up 0.43% and the Nasdaq also up 0.92%. In Europe shares ended higher on increased sentiment towards emerging markets, especially Italy, as Italian Bonds rallied.
The European Commission took its first step toward disciplining Italy over its draft budget and said the government should face EU action to reduce its deficit. Reports that Italy may be open to reviewing the budget plan for 2019 helped support the Euro.
The USD was weaker from the open and remained under water for the session as US 10 year bonds fell. The EUR found support from positive investor sentiment on hopes that the Italian budget dispute would be resolved. The GBP ended slightly weaker giving up earlier gains made in European trade through the US session while the AUD was stronger as the USD fell.
Gold was higher as the precious metal continues to bounce around with the movements in the USD. Oil bounced as short sellers locked in gains although the rally was capped after US inventory data showed an increase in stockpiles. Copper also managed to gain back some lost ground as the USD weakened and as sold positions were closed out and gains booked on a shortened trading week in the US.
Cryptocurrencies continued to edge lower overnight but was relatively contained compared to the previous moves lower. Bitcoin is currently trading at $4500.1 down 2.90% while Ethereum is at $133.26 down 4.55% and Ripple is at $0.43904 down 3.06%.
After a very rough open that dragged in a lot of selling, the ASX200 managed to rally from 11am to claw back some losses and close the day down only 29 points at 5642.8. The US Dow Jones staged a 100 point rally after hours which dragged major markets higher. Energy and mining stocks were the biggest drag on the Index. The big four banks were stronger as investors see value as prices sit a levels where dividends are too goo to pass up. Declining stocks outnumbered rising ones by 812 to 340 and 349 ended unchanged.
The ASX200 is expected to open up 20 points as the SPI200 rallied overnight led by a bounce in US Stock Indexes.
ECONOMIC DATA OUT TODAY (AEST) –
JPY Core CPI Data 10:30am
ALL OPEC-JMMC Meetings Tentative
EUR ECB Monetary Policy Meeting Accounts 11:30pm
USD Bank Holiday All Day
GBP MPC Member Saunders Speaks 7:55am
SPI200 INTRADAY LEVELS TO WATCH –
