The Morning Jumpstart

OVERNIGHT MARKET SNAPSHOT 

  • SPI200 (Sep) overnight futures down 32 pts to 5580
  • SP500 down 50.59 pts to 2599.95
  • NASDAQ down 159.67 pts to 6910.67
  • Dow Jones down 496.87 pts to 24,100.51
  • FTSE100 down 32.33 pts to 6845.17
  • DAX30 down 58.93 pts to 10,865.77
  • GOLD futures US Session (Feb) down $6.00 to $1241.40 an ounce
  • COPPER futures US Session (Comex Mar) down $0.0135 to $2.7535 a pound
  • OIL futures US Session (Nymex Jan) down $1.35 to $51.23 a barrel
  • CRB Index down 2.72 pts at 180.31
  • AUDUSD trading at 0.7172
  • EURUSD trading at 1.1306
  • GBPUSD trading at 1.2584
  • USDJPY trading at 113.3900

Continued concerns over trade and global growth, after weak data from China and Europe, hit the US bulls square between the eyes Friday to close the major Indexes lower into the weekend. The DOW was down 2.02%, while the broader SP500 was down 1.91% and the Nasdaq closed down 2.26%. US bond yields were lower as traders sought bonds and the USD as a safe haven. In Europe shares were lower as Eurozone business expanded at the slowest pace in over four years being hurt by trade tensions and violent protests in France.

The USD was stronger on the back of safe haven buying and as data showed Industrial production rebounded and consumer spending gathered momentum in November. The GBP was lower as Brexit concerns continued to weigh on the currency pair as British Prime Minister Theresa May is struggling to secure assurances from the EU over her withdrawal deal. The EUR weakened after data showed more signs of a slowdown in the Eurozone economy. The AUD was lower after coming under fire during the day session on weaker Chinese data. Recent buyers were also squeezed out of the action as the pair headed south giving fuel to the move lower.

Gold continued to find pressure from a stronger USD as traders look towards the FOMC meeting and a Dec rate rise this week. Oil reversed some gains from earlier in the week as USD rallied. Copper also pushed lower as trade concerns, weak Chinese data and the dollar strength weighed on the bulls.

Cryptocurrencies are currently trading higher as Bitcoin hovers around $3273.6 up 1.08%, Ethereum trades at $86.35 up 2.51% and Ripple is at $0.28982 up 1.59%.

The ASX200 ended the week on a sour note Friday down 59.6 points or 1.05% to 5602. Data out of China saw sellers step up the pressure to drive the market lower. China reported weaker November retail sales and industrial output numbers as demand softened further. BHP and RIO fell so to did other companies heavily exposed to China. Declining stocks outnumbered rising ones by 643 to 418 and 349 ended unchanged.

The ASX200 is expected to open down 30/35 points as the SPI200 found continued weakness into the US session close.


ECONOMIC DATA OUT TODAY (AEST)

EUR  Italian Trade Balance  8pm

EUR  Final CPI Data and Trade Balance  9pm

EUR  German Buba Monthly Report  10pm

CAD  Foreign Securities Purchases  12:30am


SPI200 INTRADAY LEVELS TO WATCH