The Morning Jumpstart


  • SPI200 overnight futures up 24 pts to 5767
  • SP500 up 30.24 pts to 2644.69
  • NASDAQ up 100.83 pts to 7042.11
  • FTSE100 up 3.55 pts to 7034.01
  • DAX30 down 44.55 pts to 11957.90
  • GOLD futures down $0.30 to $1337 an ounce
  • COPPER futures down $3.90 to $302.45 a pound
  • OIL futures up $0.05 to $63.56 a barrel
  • CRB Index down 0.87 to 192.34
  • AUDUSD trading at 0.7715
  • EURUSD trading at 1.2283
  • GBPUSD trading at 1.4083
  • USDJPY trading at 106.7400

The US was initially hit hard in European trading as China retaliated playing ‘trade poker’ with the US. Major Indexes later turned and rallied hard off the lows as traders focus back on strong corporate fundamentals and see any potential tariffs as a long way off. The Dow bounced from a 400 point drop to finish up 230.94 or 0.96% while the SP550 was up 1.16% and the NASDAQ up 1.45%. Bonds and currency markets did not sell off along with the initial move lower which suggested equity investors overreacted. In Europe shares were initially lower on increased trade war fears after China retaliates but then Indexes later bounced and gained momentum to make back lost ground.

Cryptocurrencies had a rough session as fear gripped traders with shares initially under pressure. Bitcoin is currently below 7000 at $6797 down 9.21%, Ethereum down 9.72% and Ripple down 8.79%.

The USD index edged lower but negated any serious selling pressure while still remaining pessimistic about the impact of China’s move to slap tariffs on key US imports.  The EUR, AUD and the GBP all managed to put on some gains after initial USD weakness. Traders are still struggling to work out ramifications of a trade war as both positive and negative affects can be argued.

Gold initially spiked in European trade but then fell over to give up any gains. Oil was sold off initially in late Asian trading then later bounced hard as inventories came in a lot less than expectations. Copper was lower as technical sellers pressured buyers on concern over China demand.

The ASX200 is expected to open up 15/20 points as the SPI200 rallied hard through the US session.



AUD  Trade Balance 11:30am

EUR  German Factory Orders 4pm

EUR  Final Services PMI 6pm

GBP  Services PMI 6:30pm

EUR  PPI and Retail Sales 7pm

USD  Unemployment Claims and Trade Balance 10:30pm

USD  FOMC Member Bostic Speaks 3am