The Morning Jumpstart


  • SPI200 (Sep) overnight futures down 26 pts to 6628
  • SP500 up 6.84 pts to 2999.91
  • NASDAQ down 6.49 pts to 8196.04
  • Dow Jones up 227.88 pts to 27,088.08
  • FTSE100 down 20.87 pts to 7509.82
  • DAX30 down 41.29 pts to 12,332.12
  • GOLD futures US Session (August) down $7.10 to $1405.40 an ounce
  • COPPER futures US Session (Comex Sept) down $0.0060 to $2.6880 a pound
  • OIL futures US Session (Nymex Aug) up $0.01 to $60.43 a barrel
  • CRB Index down 0.49 pts to 183.68
  • AUDUSD trading at 0.6976
  • EURUSD trading at 1.1256
  • GBPUSD trading at 1.2529
  • USDJPY trading at 108.4900
  • USD Index (ICE Sept) at 96.740 up 0.037

US Indexes were mixed with the DOW leading the charge higher while the NASDAQ ended down. In Fed Powells testimony to Congress overnight, the focus was kept on global risks that could trigger the rate cut in coming weeks. Powell emphasized how global trade and economic risks have put a dent in investment with Inflation well below the 2% target. In contrast to his comments, data out showed stronger than expected CPI and unemployment figures which may throw a spanner in the works for rate cuts. The DOW closed up 0.85% and the broader SP500 was up 0.23% while the Nasdaq ended down 0.08%. In Europe, major Indexes again moved lower on global growth concerns as investors were awaiting the ECB minutes of the last meeting when Mario Draghi took a dovish stance and markets kicked higher.

The broader market SP500 traded above the psychological 3000 level for a second day but again was unable to close above the milestone level which may suggest investor cautiousness.

The USD Index continued to come under pressure although managed to make back some of the losses into the US close after data showed stronger than expected inflation. The Euro and the GBP both reacted lower after the data release as the USD rallied off its lows. The AUD also edged lower on the data although was more contained than the other major pairs as price seems set to hold above 0.6970. The USDJPY was lifted on the data release to make back some of the previous sessions losses.

Gold gave up some of the previous gains as the USD rallied leaving Gold bugs trying to figure out whether to hold or fold. On the one hand, Powell talks up rate cuts and a potentially weaker dollar while data is showing that inflation is in tact. Oil continued to edge higher but seems that buyers may be taking a breath as price eases back off the 60.90 zone. Copper is seeing buyers and sellers continue to fight it out with neither side getting a clear advantage. Price is holding around 2.6875 which is the previous breakout level so we may see further consolidation before a clear directional move.

Cryptocurrencies were hit again overnight as prices are red across the board. Bitcoin is currently trading at $11282.0 down 6.05% while Ethereum is at $268.02 down 7.68% and Ripple was hit and is trading at $0.32671 down 10%.

The ASX200 opened relatively flat yesterday but managed to work its way higher into the close to finish up 26.3 points to 6716.1. All sectors ended the day in the green with Gold well outperforming the rest and Info Tech coming in a distance second. Rising stocks outnumbered declining ones by 721 to 468 and 345 ended unchanged.

The ASX200 is expected to open down 20/25 points as the SPI200 came under pressure overnight to give up the day sessions gains.


JPY Revised Industrial Production 2:30pm

GBP MPC Member Vlieghe Speaks 6:30pm

EUR Industrial Production 7pm

USD PPI Data 10:30pm