The Morning Jumpstart


  • SPI200 (Mar) overnight futures up 31 pts to 6350
  • SP500 up 28.12 pts to 2945.64
  • NASDAQ up 127.22 pts to 8164.00
  • Dow Jones up 197.16 pts to 26,504.95
  • FTSE100 up 29.33 pts to 7380.64
  • DAX30 up 67.33 pts to 12,412.75
  • GOLD futures US Session (June) up $9.30 to $1281.30 an ounce
  • COPPER futures US Session (Comex July) up $0.0430 to $2.8220 a pound
  • OIL futures US Session (Nymex June) up $0.13 to $61.94 a barrel
  • CRB Index down 0.13 points to 181.77
  • AUDUSD trading at 0.7018
  • EURUSD trading at 1.1198
  • GBPUSD trading at 1.3173
  • USDJPY trading at 111.0900

The US rallied after the employment data out Friday showed a stronger than expected labour market. The US unemployment rate dropped to a more than 49-year low of 3.6% as economic activity continued to be strong. US bond yields fell and bonds rallied as the USD fell after the number with traders focused on the weaker aspects of the employment data. Inflation levels are still the main concern for traders with the lack of action on wage growth. The DOW closed up 0.75% while the broader SP500 was up 0.96% and the Nasdaq also closed up 1.58%. In Europe, major indexes ended the week on a strong note after some better than expected quarterly results from Adidas and HSBC.

On Sunday, Trump tweeted that he will hike tariffs on $200 billion worth of Chinese goods this week in what is a major shift in tone on trade talks and a reversal of his decision in Feb. This comes ahead of another round of talks scheduled for this week in Washington. This could escalate tensions between the two nations and be a cause for concern for traders this week.

The USD moved lower after the employment data release on Friday. Even though the number was positive, traders were focused on modest wage growth and comments from two Fed officials on persistently low inflation. The EUR , the GBP and the AUD all gained on the back of the weaker USD with as traders once again look to a potential rate cut by the USD Fed if inflationary data remains weak. The USDJPY fell away as sellers continue to pressure price lower and unwind some long dollar bets.

Gold had a good night to finish the week thanks to USD weakness and may see further buying on the uncertainty of trade news. Oil price found some support from a weaker dollar but is still grappling with supply concerns. The commodity has opened the session weaker as traders assess the latest US/China trade news. Copper also managed to rally into the close but is currently taking a hit on the open today as traders assess the near term future for demand.

Cryptocurrencies kicked on nicely over the weekend with Bitcoin currently trading at $5791.0 up 2.60% while Ethereum is trading at $163.49 up 0.92% and Ripple is at $30153 up 0.02%.

The ASX200 had a mixed session Friday to end the week as price swung between gains and losses. The Index ended down 2.6 points to 6335.8 at the close. The biggest drags on the market were the Energy and Gold sectors while Consumer Staples was the best performing sector. Resources and miners continued to underperform. Declining stocks outnumbered rising ones by 590 to 572 and 381 ended unchanged.

The ASX200 is expected to open up 30 points after a solid end to the week in the US lifted the SPI200 into the close early Saturday morning. Trade news may cap any strength on the open as weakness has crept into the open today.


AUD MI Inflation Gauge 11am

AUD ANZ Job Adverts 11:30am

CNY Caixin Services PMI 11:45am

EUR Spanish Unemployment Change 5pm

GBP Bank Holiday All Day

EUR Final Services PMI 6pm

USD FOMC Member Williams Speaks 12am

CAD BOC Gov Poloz Speaks 3:45am