The Morning Jumpstart


  • SPI200 (Sep) overnight futures down 28 pts to 6755
  • SP500 down 7.79 pts to 3013.18
  • NASDAQ down 19.71 pts to 8273.61
  • Dow Jones down 23.33 pts to 27,198.02
  • FTSE100 down 39.84 pts to 7646.77
  • DAX30 down 270.23 pts to 12,147.24
  • GOLD futures US Session (December) up $9.90 to $1443.20 an ounce
  • COPPER futures US Session (Comex Sept) down $0.0400 to $2.6780 a pound
  • OIL futures US Session (Nymex Sep) up $1.48 to $58.35 a barrel
  • CRB Index up 0.54 pts to 178.34
  • AUDUSD trading at 0.6873
  • EURUSD trading at 1.1156
  • GBPUSD trading at 1.2151
  • USDJPY trading at 108.6100
  • USD Index (ICE Sept) at 97.820 up 0.024

US Indexes were lower overnight as Trump put the brakes on the markets as he warned China not to wait until the 2020 elections at the end of his first term in office. Tech shares and consumer discretionary shares came under pressure. Traders are awaiting the Feds statement later tonight after data out showed consumer confidence rose although Personal Spending and Income rose moderately in June pointing to slowing growth and supporting the case for easing. The DOW closed down 0.09% while the broader SP500 was down 0.26% and the Nasdaq also ended down 0.24%. In Europe, markets were lower with the German DAX index coming under strong selling pressure from the open. Investors sentiment was hit on lower than expected company forecasts, economic data which showed consumer sentiment slipped while Trumps comments on China added to the pain. Higher than expected German CPI data also hurt the index as expectations are for further accommodative rate policies but the higher inflation figure throws a spanner in the works.

All eyes will be on the US Fed Rate Statement tonight as traders have had some mixed data of late. Traders will be watching the wording from the Fed as to whether a rate cut will be part of a bigger easing cycle to buoy the economy due to major underlying weakness and no inflation or whether the cuts are pre-emptive to support recent weakness due to trade and tariff issues.

The USD Index continued move higher into the Feds rate statement. The Euro held up well as buyers supported the price down at lows after some positive inflationary data. The GBP continued to come under pressure as traders expect a no-deal Brexit. The weaker currency is providing some support to the FTSE Index which is heavy with internationally-focused firms who get their revenue from abroad. The AUD also continued to move lower being pressured by weaker local building approvals yesterday, Trump comments on China trade and a stronger USD. The trend could continue for the Aussie if inflationary data out today is weaker than expected and the USD can not turn lower after the Fed statement. The USDJPY was lower through the Asian and European session after Japans interest rate and policy statement but found some buyers on the USD data release.

Gold continued to move higher on safe haven buying thanks to a lower interest rate environment and continued trade war concerns. Oil continued the move up off support as buyers came out in force to finish the commodity on its highs ahead of expected weaker US inventory data tonight. Copper fell over to give up the previous sessions gains on continued demand concern for the commodity after Trump comments on China.

Cryptocurrencies had a relatively uneventful session as prices held their ground. Bitcoin saw some buying action early in the US session only to fade into the close. Bitcoin is currently trading at $9534.4 down 0.56% while Ethereum is at $208.20 down 1.47% and Ripple is trading at $0.31676 up 1.89%.

The ASX200 had a big day yesterday as price pushed up into new all time high territory intraday but could not manage to close above the level. The index ended up 19.3 points to 6845.1 with the Gold, Telcoms and Utilities sectors leading the charge while IT and Consumer Discretionary were weak. Rising stocks outnumbered declining ones by 635 to 568 and 388 ended unchanged.

The ASX200 is expected to open down 25 points as the SPI200 continued the squeeze on the buyers from the day session after the ASX200 hit all time highs. Traders will be awaiting CPI data due out at 11:30am for further signs on the direction of local interest rates.


CNY Manufacturing and Non-Manufacturing PMI 11am

NZD ANZ Business Confidence 11am

AUD CPI Data and Private Sector Credit 11:30am

EUR German Retail Sales 4pm

EUR German Unemployment Change 5:55pm

EUR CPI Flash Estimate Data and Unemployment Rate 7pm

USD ADP Non-Farm Employment Change 10:15pm

CAD GDP Data 10:30pm

USD Crude Oil Inventories 12:30am

USD Fed Funds Rate and FOMC Statement 4am

USD FOMC Press Conference 4:30am