The Morning Jumpstart


  • SPI200 (Mar) overnight futures down 28 pts to 5775
  • SP500 down 37.74 pts to 2632.97
  • NASDAQ down 136.87 pts to 7020.36
  • Dow Jones down 301.87 pts to 24,404.48
  • FTSE100 down 69.20 pts to 6901.39
  • DAX30 down 46.09 pts to 11,090.11
  • GOLD futures US Session (Feb) up $1.80 to $1284.40 an ounce
  • COPPER futures US Session (Comex Mar) down $0.0550 to $2.6640 a pound
  • OIL futures US Session (Nymex Feb) down $1.23 to $52.57 a barrel
  • CRB Index down 3.22 pts to 178.99
  • AUDUSD trading at 0.7118
  • EURUSD trading at 1.1360
  • GBPUSD trading at 1.2956
  • USDJPY trading at 109.4000

The US stumbled after the long weekend as all three major Indexes came under fire. The session started off lower and never looked back after the IMF (International Monetary Fund) trimmed its 2019 global economic growth estimates. Also, traders were not happy that Trump rejected an offer from China for preparatory talks ahead of next week’s high-level trade negotiations. The DOW closed down 1.22%, the SP500 down 1.41% and the Nasdaq down 1.91%. In Europe major Indexes were also lower on growth concerns and UBS earnings that sent an already struggling banking sector lower.

The IMF yesterday said “A range of triggers beyond escalating trade tensions could spark a further deterioration in risk sentiment with adverse growth implications, especially given high levels of public and private debt“.

The USD came under pressure through the European session but then rallied off the lows into the close of the US to end flat. The EUR ended slightly lower while the GBP ended higher as traders expect that Brexit will be delayed and after data showed that the UK’s unemployment rate fell. The AUD was weaker through the day session and then extended the lows into the US close on a China slowdown. The safe haven Yen pushed higher into the close although finished lower from the previous session.

Gold closed up although lacked the buying pressure which would be expected from fear and safe haven buying. Oil was down on lower global growth forecasts along with Copper which continued its slide lower.

Cryptocurrencies were up overnight showing some strength. Bitcoin is currently trading at $3590.6 up 1.36% while Ethereum is at $117.78 up 1.86% and Ripple is at $0.31979 up 0.55%.

With no lead from the US and traders left to their own devices as the ASX200 closed down 31.6 points yesterday to 5858.8. The fall was attributed to the IMF predicting that the world economy would grow at its slowest pace in three years through 2019. The IMF peg the slowing to the usual suspects being US-China trade tensions, tightening of financial conditions, ‘no-deal’ for Brexit and China slowing more than expected. The banks led the charge lower with all the big four down over 1%. Declining stocks outnumbered rising ones by 614 to 464 and 369 ended unchanged.

The ASX200 is expected to open down 20/25 points after the SPI200 had a rough session overnight.



AUD MI Leading Index 10:30am

JPY Trade Balance 10:50am

JPY BOJ Monetary Policy Statement, Outlook Report and Policy Rate Tentative

JPY BOJ Press Conference Tentative

GBP MPC Member Broadbent Speaks 8:30pm

CAD Retail Sales Data 12:30am