The Morning Jumpstart


  • SPI200 (Mar) overnight futures down 4 pts to 5788
  • SP500 up 5.80 pts to 2638.70
  • NASDAQ up 5.41 pts to 7025.77
  • Dow Jones up 171.14 pts to 24,575.62
  • FTSE100 down 58.51 pts to 6842.88
  • DAX30 down 18.57 pts to 11,071.54
  • GOLD futures US Session (Feb) down $1.00 to $1282.40 an ounce
  • COPPER futures US Session (Comex March) down $0.0030 to $2.6560 a pound
  • OIL futures US Session (Nymex March) down $0.41 to $52.60 a barrel
  • CRB Index down 0.33 pts to 178.66
  • AUDUSD trading at 0.7142
  • EURUSD trading at 1.1382
  • GBPUSD trading at 1.3067
  • USDJPY trading at 109.6000

The US managed to open stronger but was then weighed down by a fall in Oil prices. Good earnings results from DOW constituents IBM and Proctor and Gamble helped to lift the market into the close and finish in positive territory. Traders are still risk adverse as they remain concerned over global growth and the US government shutdown that has entered its fifth week. The DOW closed up 0.70%, the SP500 up 0.22% and the Nasdaq up 0.08%. In Europe major Indexes played catchup to the US and was also weighed down by poor company updates.

The USD came under pressure before the open of the US session but was unable to rally into the close and held onto lows to finish weaker. The EUR benefited from the USD weakness but was contained as traders look ahead to ECB interest rate announcement tonight. The GBP also ended higher as it looks more likely that the UK will leave the EU with a deal although Brexit may be extended. The opposition party in the UK signaled it would support a cross party proposal to extend the deadline if support for a Brexit deal could not be reached. The AUD bounced back from previous weakness to find strength during the Aussie day session which it managed to hold through the European and US sessions. The USDYEN pair was up following weakness into the YEN after the Bank of Japan left rates on hold and cut inflation forecasts.

Gold closed down as buyers run out of steam and markets remain choppy. Oil was again under pressure on concerns over a lack of demand from slowing global growth although price falls should be offset by OPEC production cuts. Copper still has to deal with trade issues between the US and China as sellers continue to edge the metal lower.

Cryptocurrencies backed off slightly overnight as CBOE removes proposal for ETF. Bitcoin is currently trading at $3541.6 down 1.37% while Ethereum is at $115.76 down 2.47% and Ripple is trading at $0.31380 down 1.90%.

An early rally on the open caught bears off guard yesterday as they expected further weakness as the US came under fire Tuesday night. As it played out, sellers came back into the market late in the session to close the ASX200 down 15.1 points to 5843.7. Traders are still anxious about trade relations between the US and China as they are unwilling to take on risk at current levels. Declining stocks outnumbered rising ones by 629 to 442 and 335 ended unchanged.

The ASX200 is expected to open flat after the SPI200 held between key support at resistance overnight to end where it started around 5790.



AUD Flash Manufacturing PMI 10am

AUD Employment Change and Employment Rate 11:30am

EUR French Flash Manufacturing and Services PMI Data 7:15pm

EUR German Flash Manufacturing and Services PMI Data 7:30pm

EUR Flash Manufacturing and Services PMI Data 8pm

EUR Main Refinancing Rate 11:45pm

EUR ECB Press Conference 12:30am

USD Unemployment Claims 12:30am

USD Crude Oil Inventories 3am