MARKET SNAPSHOT –
- SPI200 futures closed down 67 pts to 5710
- SP500 futures closed down 17 pts to 2421.50
- FTSE100 futures closed down 37 pts to 7293
- DAX30 futures closed down 238.50 pts to 12404
- GOLD finished down $3.50 to $1245.60 an ounce
- COPPER futures finished up $2.10 to $269.70 a pound
- OIL futures finished up $0.13 to $44.87 a barrel
- CRB Index finished up 0.93 pts to 173.62
- AUDUSD trading at 0.7684
- EURUSD trading at 1.1442
- GBPUSD trading at 1.3005
- USDJPY trading at 112.1100
‘What goes up must come down’ was the theme for the session in the US as Indexes gave up the gains from the previous day. The top-weighted Tech Sector was again hit hard to close down 1.8% while Financials were up on the back of yesterdays Fed Reserve approved Capital Plans. There was no specific reason for the slide but it may have been attributed to a rally in Bond yields both in the US and Europe after German Inflation data came in better than expected. A potential increase in inflation in the US was supported by better than expected consumer spending and GDP data overnight. Other data also showed that the Labor market is still strong. In Europe, shares were hit hard on the DAX while London fared a bit better. Tech sectors and interest rate sensitive sectors were the biggest drag on markets.
The USD was again lower against a basket of currencies. The lower dollar along with a kick up in Bond yields, helped the Pound to crack the 1.3000 level and pushed the EURO through 1.1400. The AUD also continued its grind higher holding previous yesterdays gains.
Gold was lower while Crude Oil continued its move higher after a decline in weekly US production provided temporary relief about deepening oversupply.
The ASX200 is expected to open down 50 points after the SPI200 was hammered overnight. Strong gains in banks, miners and energy companies from yesterday may go out the window today but traders may take the opportunity to buy as the ASX200 searches for a higher low to build a move to 6000.
ECONOMIC DATA OUT TODAY (AEDT) –
JPY Household Spending, CPI data and Unemployment Rate 9:30am
JPY Prelim Industrial Production 9:50am
CNY Manufacturing and Non-Manufacturing PMI 11am
AUD Private Sector Credit 11:30am
EUR German Retail Sales 4pm
EUR German Unemployment Change 5:55pm
GBP Current Account and Final GDP 6:30pm
EUR CPI Data 7pm
CAD GDP 10:30pm
USD Personal Spending and Income data 10:30pm
USD Consumer Sentiment Data 12am
ASX200 INTRADAY LEVELS TO WATCH –