The Morning Jumpstart

OVERNIGHT MARKET SNAPSHOT

  • SPI200 (Mar) overnight futures up 53 pts to 6066
  • SP500 up 29.87 pts to 2775.60
  • NASDAQ up 45.46 pts to 7472.41
  • Dow Jones up 443.86 pts to 25,883.25
  • FTSE100 up 39.67 pts to 7236.68
  • DAX30 up 210.01 pts to 11,299.80
  • GOLD futures US Session (April) up $8.20 to $1322.10 an ounce
  • COPPER futures US Session (Comex March) up $0.00245 to $2.7985 a pound
  • OIL futures US Session (Nymex March) up $1.18 to $55.59 a barrel
  • CRB Index up 2.61 pts to 181.33
  • AUDUSD trading at 0.7141
  • EURUSD trading at 1.1296
  • GBPUSD trading at 1.2889
  • USDJPY trading at 110.4700

The US ended the week with a bang as the major Indexes closed up strong into the long weekend for Presidents day holiday. News from China’s state news agency Xinhua said that the US and China had reached a deal in principle on some key issues during recent talks. The headlines saw buyers add risk into shares and out of safe haven government bonds. Talks will continue next week in Washington with traders hoping for an end to a trade war and tariffs that are hurting the US economy. The DOW closed up 1.74% while the broader SP500 was up 1.09% while the Nasdaq ended up 0.61%. In Europe the positive news on trade also lifted equity markets to close up on their highs for the session.

The USD lost ground in late trade Friday to close slightly lower for the session after Trump signed a spending bill that avoided a partial government shutdown. The EUR, GBP and AUD all managed to rally on the back of the news as the USD weakened although the EUR came off lows after earlier data releases during the European session saw sellers pile into the currency cross. The USDJPY ended lower on USD weakness.

Gold rallied as the USD fell away and as safe haven buyers continued to edge into the commodity after Trump signed a declaration for a National Emergency to secure additional funding for the wall and setting him up for a showdown with Congress. Oil had a good night as news on trade helped support the commodity with traders expecting an increase in demand. Price was recently helped by OPEC led supply cuts and a better than expected cut from Saudi Arabia. Copper rallied being helped along by the USD and a potential trade deal between the US and China.

Cryptocurrencies were mixed over the weekend as Bitcoin is currently trading at $3623.7 down 0.28%. Ethereum is currently at $129.90 up 4.66% while Ripple is trading at $0.30078 down 0.60%.

The ASX200 saw another relatively choppy session with price holding below recent highs but also above the 6050 support zone. The index finished up 6.7 points to 6066.1 on Friday. The Financial sector managed to finish up in the green as advancing stocks outnumbered falling ones by 579 to 559 and 340 ended unchanged.

The ASX200 is expected to open up 55 points after the US rallied hard Friday night ahead of a long weekend and dragged the SPI200 higher from the days close.

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ECONOMIC DATA OUT TODAY (AEDT)

JPY Core machinery Orders 10:50am

USD Bank Holiday

SPI200 INTRADAY LEVELS TO WATCH