The Morning Jumpstart

OVERNIGHT MARKET SNAPSHOT (8:10am AEDT)

  • SPI200 (Mar) overnight futures down 1 pts to 6130
  • SP500 down 7.89 pts to 2784.49
  • NASDAQ down 21.98 pts to 7532.53
  • Dow Jones down 69.16 pts to 25,916.00
  • FTSE100 down 32.47 pts to 7074.73
  • DAX30 up 28.31 pts to 11,515.64
  • GOLD futures US Session (April) down $6.70 to $1314.50 an ounce
  • COPPER futures US Session (Comex May) down $0.0180 to $2.9450 a pound
  • OIL futures US Session (Nymex April) up $0.29 to $57.23 a barrel
  • CRB Index down 0.48 points to 182.75
  • AUDUSD trading at 0.7095
  • EURUSD trading at 1.1375
  • GBPUSD trading at 1.3261
  • USDJPY trading at 111.4300

The US again came under pressure overnight from the open as sellers edged their way into the action after Trump mentioned that he walked out of his Vietnam summit with Kim Jong Un because of demands to lift US led sanctions. Markets also found pressure as Trump warned he could walk away from a deal with China also if it wasn’t good enough. The trade sensitive DOW closed down 0.27% while the broader SP500 was also down 0.28% along with the Nasdaq which closed down 0.29%. In Europe, shares were again mixed with the major Indexes higher accept for the export heavy FTSE which is finding pressure from the higher GBPUSD.

The USD found support to bounce back after selling pressure through the European session. GDP data out of the US showed better than expected growth which brought in the bulls on the currency and squeeze out recent sellers that have built up. The EUR ended the session flat giving up gains on the USD rally after the GDP data release. The AUD fell away being hit by USD strength and also the potential for trade talks to fall apart. The GBP edged lower but was content to hold onto recent gains on Brexit hopes. The USDJPY once again found some safe haven bids after Trump walked out of the North Korean Summit and highlighted to do the same with China if terms were not met.

Gold again legged it lower as the USD rallied after GDP and could not find any safe haven buying. Oil continued higher on the previous sessions momentum as US inventories data came out unexpectedly weaker. Copper continued to feel some heat from sellers but this time could not make back lost ground as the USD rallied and also finding pressure after Trumps threat on trade negotiations.

Cryptocurrencies had a solid session overnight as Bitcoin currently trades at $3827.2 up 2.15% while Ethereum is at $136.09 up 4.50% and Ripples trading at $0.31293 up 2.55%.

The ASX200 saw some relatively choppy action but managed to finish in the green with gains. The index was again supported by the banks to finish up 18.7 points to 6169. Healthcare stocks also performed well with the sector finishing up 2.61%. China data on factory activity reached a three-year low in February as export orders fell at the fastest pace since the global financial crisis. Declining stocks outnumbered rising ones by 602 to 551 and 349 ended unchanged.

The ASX200 is expected to open up 5/10 points after the SPI200 pushed up to resistance through the European session overnight.

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ECONOMIC DATA OUT TODAY (AEDT)

JPY Tokyo CPI and Unemployment Rate 10:30am

JPY Final Manufacturing PMI 11:30am

USD Fed Chair Powell Speaks 12:15pm

AUD HIA New Home Sales Tentative

EUR German Retail Sales 6pm

EUR French Gov Budget Balance 6:45pm

EUR German Final Manufacturing PMI and Unemployment Rate 8pm

GBP Manufacturing PMI and Net Lending to Individuals 8:30pm

EUR CPI Data and Unemployment Rate 9pm

CAD GDP Data 12:30am

USD ISM Manufacturing and Consumer Sentiment 2am

SPI200 INTRADAY LEVELS TO WATCH