The Morning Jumpstart


  • SPI200 (Sep) overnight futures down 22 pts to 6499
  • SP500 down 19.44 pts to 2918.65
  • NASDAQ down 80.02 pts to 7959.14
  • Dow Jones down 90.75 pts to 26,287.44
  • FTSE100 down 32.05 pts to 7253.85
  • DAX30 down 151.61 pts to 11,693.80
  • GOLD futures US Session (December) down $1.00 to $1508.50 an ounce
  • COPPER futures US Session (Comex Sept) down $0.0130 to $2.5940 a pound
  • OIL futures US Session (Nymex Sep) up $1.96 to $54.50 a barrel
  • CRB Index up 1.73 pts to 172.09
  • AUDUSD trading at 0.6786
  • EURUSD trading at 1.1201
  • GBPUSD trading at 1.2033
  • USDJPY trading at 105.6900
  • USD Index (ICE Sept) at 97.375 down 0.059

US stock Indexes ended the week on a negative note as the major indexes closed in the red and could not back up the previous sessions rally. The DOW and SP500 found some sellers during the session after Trump said he was not ready to make a deal with China and that the US will not do business with Huawei for now. Traders recently believed that the trade war was on track to be resolved but the past few weeks has changed that tone and now expectations are for the spat to accelerate and volatility to be the new norm. The DOW closed down 0.34% while the broader SP500 was down 0.66% and the Nasdaq also ended down 1.00%. In Europe, markets were weaker on Italian economic turmoil and potential snap elections while Britain reported economic contraction which weighed on sentiment.

The USD moved lower Friday night in a move that started after Producer Price Data came in weaker than expected. Added to that, trade tensions continued on Trumps comments on China and Huawei. The Euro grinded its way up off the 1.1180 zone as buyers were happy to hold minor higher lows. The GBP bears slammed price lower from the open of the European session as UK data came out weaker than expected. GDP and Manufacturing data highlighted a shock contraction in the second quarter which does not bode well for the new PMs Brexit negotiations. The AUD looked heavy all day and into the European session with buyers being capped around 0.6820. Sellers managed to push price lower into the US close on the back of continued trade tensions from Trump comments. The USDJPY continued to edge lower as the US fell and safe haven YEN buyers pushed the currency pair down through 105.500 lows.

Gold continued to hold around the 1500 level as some buyers were happy to lock away some gains and price edged lower. There has been a massive inflow into US gold funds (fourth largest ever) as traders expect the trade war to get worse before it gets better. What this also means that price will be prone for a sudden correction on the back of any positive news as there is a lot of fuel ready to sell. Recent weakness into Oil has led traders to expect some production cuts from OPEC to try and buoy the commodity as increased trade tensions push price lower. Buyers did manage to hold higher levels but are extended up into some resistance levels where we would expect to see some reaction from sellers. Copper earlier spiked higher into previous highs before sellers came in to the action to push price lower into the US close on continued trade tensions.

Cryptocurrencies continued to hover around the lows over the weekend after sellers came in to drive prices lower on the back of Thursdays US share market strength. Bitcoin is finding some buyers off support along with Ethereum. Bitcoin is currently trading at $11464.1 up 1.09% while Ethereum is at $213.55 up 3.57% and Ripple is trading at $0.30212 up 1.35%.

The ASX200 opened higher Friday but was capped around 6590 but managed to hold higher lows into the close. The index ended the session up 16.3 points to 6584.4. The sectors were mixed with Info Tech leading the charge higher while the gold sector came under some pressure. Rising stocks outnumbered declining one by 731 to 456 and 378 ended unchanged.

The ASX200 is expected to open down 20 points after the SPI200 edged lower in a range bound session Friday night.


JPY Bank Holiday All Day

USD Federal Budget Balance 4am

AUD RBA Assist Gov Kent Speaks 6am