The Morning Jumpstart


  • SPI200 (Jun) overnight futures up 3 pts to 6544
  • SP500 up 28.08 pts to 2917.75
  • NASDAQ up 108.86 pts to 7953.88
  • Dow Jones up 353.01 pts to 26,465.54
  • FTSE100 up 85.73 pts to 7443.04
  • DAX30 up 245.93 pts to 12,331.75
  • GOLD futures US Session (August) up $7.20 to $1350.10 an ounce
  • COPPER futures US Session (Comex Sept) up $0.0590 to $2.7060 a pound
  • OIL futures US Session (Nymex July) up $2.15 to $54.08 a barrel
  • CRB Index up 1.68 pts to 176.10
  • AUDUSD trading at 0.6877
  • EURUSD trading at 1.1195
  • GBPUSD trading at 1.2558
  • USDJPY trading at 108.4500

In the US, stocks rallied strong on the back of a positive shift in trade war sentiment. Trump buoyed the market after he said that he would meet China President Xi at the G20 summit and said that talks will restart after a recent lull. Tech stocks and Industrial stocks with sizable revenue exposure to China had a good session on the back of the news. The DOW closed up 1.35% while the broader SP500 was up 0.97% and the Nasdaq ended up 1.39%. In Europe, major Indexes lifted after comments from ECB President Draghi indicating the possibility of fresh rate cuts or asset purchases also lifted sentiment.

The news on trade is a positive for the Global economy as economic growth has increasingly come under pressure as the trade spat drags on. The reaction from the US Fed Reserve is expected to be a rate cut for next month to preserve the US economic expansion. The release is due out at 4am AEST late in the US trading session. The wording in the rate statement will be crucial for the market especially after a strong rally back up to highs.

The USD Index was slightly higher as global bond yields fell after Draghis comments on expectations for a global slowdown and potential stimulus from the ECB. The Euro was hit after the ECB comments and held the lows through the US session. The GBP managed to rally off the lows through the US session as sellers locked away some gains ahead of the BOE interest rate announcement. The AUD got a boost after comments from Trump regarding the reigniting of trade talks at the G20 meeting. Expectations are that riskier commodities will get a boost if the US and China make headway on trade. The USDJPY had a choppy session as price found some sellers on the ECB news and then rallied after comments from Trump.

Gold saw some sellers lock away recent gains on expectations that trade talks are heading in the right direction. Aussie gold fell away from highs above 1976 to give up a lot of the gains made through the Asian and European sessions. Oil rallied over 4% on the futures after Trump comments as traders see potential for a lift in demand if the US and China come to some sort of agreement. Copper was boosted by trade optimism as buyers hold lows and continue to build the move higher.

Cryptocurrencies find a few sellers to take some heat out of the action overnight. Bitcoin is currently trading at $9094.1 down 1.69% while Ethereum is trading at $263.11 down 3.33% and Ripple is at $0.42744 down 5.79%.

The ASX200 saw a relatively choppy open yesterday but then managed to find some buying strength into the close. The Index ended the session up 39.1 points to 6570 with all sectors ending in the green as the Gold sector led the charge as Gold rallied over $6 during the session. Falling stocks outnumbered advancing one by 619 to 576 and 433 ended unchanged.

The ASX200 is expected to open up 35/40 points after the SPI200 continued on with the days strength overnight.


JPY Trade Balance 9:50am

AUD MI Leading Index 10:30am

EUR German PPI 4pm

EUR Current Account 6am

GBP CPI and PPI Data 6:30pm

CAD CPI Data 10:30pm

EUR ECB President Draghi Speaks 12am

USD Crude Oil Inventories 12:30am

USD FOMC Economic Projections, Statement and Fed Funds Rate 4am

USD FOMC Press Conference 4:30am