The Morning Jumpstart

OVERNIGHT MARKET SNAPSHOT

  • SPI200 (Mar) overnight futures down 4 pts to 6007
  • SP500 up 1.83 pts to 2707.88
  • NASDAQ up 9.85 pts to 7298.20
  • Dow Jones down 63.20 pts to 25,106.33
  • FTSE100 down 22.40 pts to 7071.18
  • DAX30 down 115.24 pts to 10,906.78
  • GOLD futures US Session (April) up $4.30 to $1318.50 an ounce
  • COPPER futures US Session (Comex March) down $0.0150 to $2.8130 a pound
  • OIL futures US Session (Nymex March) up $0.08 to $52.72 a barrel
  • CRB Index down 0.06 pts to 178.04
  • AUDUSD trading at 0.7088
  • EURUSD trading at 1.1323
  • GBPUSD trading at 1.2945
  • USDJPY trading at 109.7300

The US ended the week on a flat note as the broader market was up only slightly for Fridays session although the trade sensitive DOW finished lower. Traders are now awaiting an update on trade after Trump said Thursday that he did not plan to meet Chinese President Xi Jinping before a March 1 deadline to achieve a trade deal. Shares managed to rally into the close after a weak open as the White House said US/China trade talks will continue next week in Beijing, giving traders hope. The DOW closed down 0.25% while the broader SP500 was up 0.07% and the Nasdaq also ended up 0.14%. In Europe, major indexes continued to fall as downgrades to growth forecasts weighed on investors sentiment along with trade uncertainty.

The USD ended the week on a stronger note even as recent data suggests that net longs on the USD fell and were less than the week prior. The Dollar has found recent support from safe haven buying into US bonds as yields fall. The EUR, GBP and the AUD were all weaker from the close of the previous session. The USDJPY was also lower as shares bounced back from earlier weakness into the close pairing safe haven buying.

Gold managed to close higher as safe haven buyers jumped back in as traders continue to remain anxious about trade and a slowdown in global growth. Aussie gold continued to grind higher which will give support to Aussie Gold miners and producers. Oil finished relatively flat and failed to gain back lost ground from the previous sessions fall as trade was choppy and sellers continued to pressure price on concern over global growth and demand of the commodity. Copper continued to back off from previous highs although got a lift into the close after the news on US/China trade.

Cryptocurrencies are generally lower to start the week although manage to rally in Fridays trade. Bitcoin is currently trading at $3645.6 down 0.21%, Ethereum is trading at $118.55 down 0.55% and Ripple is at $0.30433 down 2.22%.

The ASX200 ended the session Friday down 21 points to 6071.5 as buyers supported the action above the 6050 zone. Losses in Energy, Resources and Mining stocks pushed the Index lower. Falling stocks outnumbered advancing ones by 609 to 485 and 365 ended unchanged. Aussie earnings kicks off this week with releases from AZJ, GPT, JBH and BEN among others.

The ASX200 is expected to open flat to down 5 points after the SPI200 managed to claw back losses into the close of the US session Friday.

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ECONOMIC DATA OUT TODAY (AEDT)

JPY Bank Holiday

GBP GDP Data and Manufacturing Production 8:30pm

EUR Eurogroup Meetings All Day

USD FOMC Member Bowman Speaks 3:15am

SPI200 INTRADAY LEVELS TO WATCH