The Morning Jumpstart


  • SPI200 (Mar) overnight futures down 5 pts to 6364
  • SP500 down 1.08 pts to 2926.17
  • NASDAQ up 16.67 pts to 8118.68
  • Dow Jones down 134.97 pts to 26,462.08
  • FTSE100 down 37.62 pts to 7434.13
  • DAX30 down 30.56 pts to 12,282.60
  • GOLD futures US Session (June) down $0.40 to $1279.00 an ounce
  • COPPER futures US Session (Comex July) down $0.0490 to $2.8610 a pound
  • OIL futures US Session (Nymex May) down $0.78 to $65.11 a barrel
  • CRB Index down 0.54 points to 185.96
  • AUDUSD trading at 0.7015
  • EURUSD trading at 1.1134
  • GBPUSD trading at 1.2895
  • USDJPY trading at 111.5800

The US took a breather overnight with mixed results for the major Indexes. The DOW was dragged lower by a weak earnings result and cut in forecasts for 2019 from 3M. Some solid durable goods economic data supported the broader market while unemployment claims came in higher than expected. Overall, traders are happy with the way the economy is progressing although they are now focused on earnings for future company growth as Indexes trade near all time highs. The Tech heavy NASDAQ was helped by solid results from Facebook and Microsoft. The DOW closed down 0.51% while the broader SP500 was down 0.04% and the Nasdaq closed up 0.21%. In Europe, major Indexes closed lower as traders do not see the same economic growth story as with the US. South Korea economic data showed unexpected contraction while Chinese officials warned of protracted pressure on economic growth which kept a lid on the bulls.

Safe haven US bonds found solid demand at auction for $41 billion of new five-year notes. The solid demand may show the caution for equities going forward.

The USD gained overnight after solid economic data and demand from overseas investors as economic growth outside of the US struggles. The stronger dollar battered emerging market currencies as traders grow concerned over another selloff similar to Turkey in 2018. The EUR came under further pressure from sellers in favour of the USD as global Central Banks continue to show concern over the global economy. The GBP also continued to come under fire along with the AUD on USD strength and struggling local inflationary data. The USDJPY saw further weakness as the YEN found traditional safe haven buying which offset strength into the USD.

Gold had a quiet session to settle relatively unchanged while Aussie Gold rallied on further weakness in the AUDUSD. Oil pushed through key support around 65.50 a barrel as recent buyers locked in some gains after US Oil inventories showed better than expected results the previous session. Copper continues to come under selling pressure as the USD rallies and on caution from Chinese officials on the economy. Price has worked its way down to major support around the 2.8500 zone. Price is currently stretched into support so we may expect to see some reaction higher from buyers in the near future.

Cryptocurrencies had an uneventful night but held onto some minor gains. Bitcoin is currently trading at $5451.9 up 0.78% while Ethereum is trading at $164.42 up 0.40% and Ripple is at $0.30202 up 0.79%.

The ASX200 had an important session for the bulls Wednesday as price pushed through and closed above August 2018 highs. The index opened strong and never looked back to close at 6382.1 up 62.7 points. The biggest gaining sectors were Healthcare, Industrials and the Info Tech sectors. Advancing stocks outnumbered falling ones by 630 to 532 and 407 ended unchanged.

The ASX200 is expected to open flat as the SPI200 traded in a tight range in the overnight session.


NZD Trade Balance 8:45am

JPY CPI Data and Unemployment Rate 9:30am

JPY Prelim Industrial Production and Retail Sales 9:50am

AUD Import Prices and PPI Data 11:30am

USD Advance GDP Data 10:30am

USD Consumer Sentiment and Inflation Expectations 12am