The Morning Jumpstart


  • SPI200 (Mar) overnight futures up 12 pts to 6120
  • SP500 down 2.35 pts to 2798.36
  • NASDAQ down 5.12 pts to 7637.54
  • Dow Jones up 14.51 pts to 25,516.83
  • FTSE100 down 30.01 pts to 7177.58
  • DAX30 down 17.52 pts to 11,346.65
  • GOLD futures US Session (June) up $9.90 to $1328.60 an ounce
  • COPPER futures US Session (Comex May) up $0.0130 to $2.8560 a pound
  • OIL futures US Session (Nymex May) down $0.05 to $58.99 a barrel
  • CRB Index up 0.15 points to 184.31
  • AUDUSD trading at 0.7108
  • EURUSD trading at 1.1312
  • GBPUSD trading at 1.3194
  • USDJPY trading at 110.0000

The US ended a choppy session slightly lower overnight as traders remain concerned over slowing global economic growth. The inverting of the yield curve has sent traders rushing out of stocks and into the safety of Gold, Yen and US and German Government Debt. Traders will now be looking to further economic data for some positive sentiment and to re-assess the situation. News on a deal between the US and China may be what the market needs to bump up the sentiment to change current risk appetite. The DOW closed up 0.06% while the broader SP500 was down 0.08% and with the Nasdaq was also lower ending down 0.07%. Europe was down as traders continued to be risk adverse even after some positive German economic data helped support markets.

Yields on government bonds edged lower which has traders concerned that markets may be heading for a recession. US 10-year Treasury yield fell below the 2.4% mark overnight along with Germany’s benchmark 10-year bond which fell into negative territory. Traders see that yields are dropping because the economy is weakening which is not good for stocks. (Yield Curve and Rate Cuts)

The USD edged lower as traders took stock of Friday nights move into safe haven assets. Although the USD eased, traders are still concerned as a flight to safety may not be over so we could expect another USD rally. The EUR made its way higher off the previous sessions lows helped by slight weakness into the USD and some profit taking from sellers. The GBP had a choppy session and finished relatively steady around the 1.3200 zone as Brexit continues to be the focus. The AUD rallied through the European and US sessions to make back some of the lost ground from Friday nights session. The USDJPY edged higher as safe haven traders locked in some gains into the currency although price action hovers near lows and is not out of the woods if we see another flight to safety.

Gold had a good night as safe haven buyers continued into the precious metal on risk aversion trades. Oil had a choppy session to close roughly where it started around $59 a barrel after clearing out both minor support and resistance levels as traders remain weary for the outlook on demand. Copper managed a positive session after buyers supported price to start the squeeze on sellers for a potential move up.

Cryptocurrencies continued to move lower as Bitcoin currently trades at $3906.6 down 2.11%. Ethereum is trading at $132.63 down 2.44% while Ripple is at $0.30116 down 1.84%.

The ASX200 came under fire on the open yesterday as expected and then was range bound for most of the session to close down 69 points to 6126.2. The biggest losing sectors for the session was Energy and Information Technology with Gold stocks giving some support. Falling stocks outnumbered advancing ones by 810 to 341 and 338 ended unchanged.

The ASX200 is expected to open up 10/15 points as the SPI200 found some relief overnight from the recent selling pressure.



NZD Trade Balance 8:45am

USD FOMC Member Rosengren Speaks 1:30pm

JPY BOJ Core CPI 4pm

USD FOMC Member Evans Speaks 9:30pm

GBP MPC Member Broadbent Speaks 10pm

USD Building Permits and Housing Starts 11:30pm

USD Consumer Confidence 1am