The Morning Jumpstart


  • SPI200 (Sep) overnight futures down 5 pts to 6566
  • SP500 up 1.88 pts to 2926.46
  • NASDAQ down 10.51 pts to 7962.88
  • Dow Jones up 41.03 pts to 26,403.28
  • FTSE100 up 22.86 pts to 7207.18
  • DAX30 up 100.40 pts to 11,939.28
  • GOLD futures US Session (December) down $7.50 to $1529.40 an ounce
  • COPPER futures US Session (Comex Dec) down $0.0210 to $2.5560 a pound
  • OIL futures US Session (Nymex Oct) down $1.61 to $55.10 a barrel
  • CRB Index down 1.72 pts to 170.36
  • AUDUSD trading at 0.6733
  • EURUSD trading at 1.0982
  • GBPUSD trading at 1.2156
  • USDJPY trading at 106.2800
  • USD Index (ICE Sept) trading at 98.763 up 0.308

US Indexes had a relatively flat session going into the long weekend for the Labor Day holiday. Over the weekend, additional tariffs were imposed by the US and China on each others goods to be the latest in the escalation in the trade war. Retailers and consumers will be in the spotlight as the tariffs kick in. Despite the negativity surrounding the increased costs for consumers, traders have been upbeat as they focus on new trade talks expected sometime this month. The DOW closed up 0.16% while the broader SP500 was up 0.06% and the Nasdaq ended down 0.13%. In Europe, Indexes ended the month on a positive note as traders took some comfort that the US and China show willingness to return back to trade negotiations.

The US bond yield curve continued to be inverted as near term yields fell. There is growing fear from some analysts that traders are being too optimistic about trade and caution to be careful as ultimately, optimism won’t last if coming talks do not materialize into an agreement.

Hong Kongs situation continues as protesters blocked roads and public transport links to Hong Kong airport on Sunday in a bid to draw world attention to their fight for democracy. The UK is still battling with a no-deal Brexit as British lawmakers will attempt to pass a law this week to stop Prime Minister Boris Johnson from letting Britain crash out of the EU on Oct 31st.

The USD continued to be dragged higher against a basket of major currency pairs. The Euro moved lower as expectations grew for aggressive easing from the ECB after recent weak economic data. Price smashed through lows at 1.1026 and looks content on its way lower. The GBP repeated previous action where buyers stepped in during the European session only to give way to selling at the beginning of the US session from a strengthening USD. The currency pair continues its move to test lows around 1.2110. The AUD saw a choppy session as buyers lifted price into the US open only to give way to selling pressure as the USD marched higher but managed to fight back mid session to end relatively unchanged. The USDJPY rallied as the dollar moved up but then gave way to some selling pressure also mid session to continue the move down which began over the previous few sessions.

Gold continued its move lower in a choppy session but has made back the losses on the open today. Long term traders were happy to take some profit off the table going into the US long weekend. A new bought of tariffs have pushed price higher today as traders await further news on trade talks. Oil moved lower which looked more due to the USD move up on the US open rather than concerns over demand due to disruption from Hurricane Dorian. The move lower has continued on the open today. Copper may continue to find support on the back of any positive trade news although price came under selling pressure into the close of the US session. Buyers remain tentative and unwilling to put a lot of risk into the market on hopes of a strong rally off support.

Cryptocurrencies continue to hover around previous levels as Bitcoin holds under the $10000 zone as buyers recoup after the recent sharp spike lower. Bitcoin is currently trading at $9759.5 up 1.11% while Ethereum is at $170.81 down 1.28% and Ripple is at $0.25663 down 0.99%.

The ASX200 had an unexpected big session Friday to end the month as buyers seemed to be in a mission to end the index higher. At the close they managed to push the index up 96.8 points to 6604.2. The Consumer Staples sectors was the best performing sector followed by Healthcare and IT. Rising stocks outnumbered declining ones by 763 to 478 and 355 ended unchanged.

The ASX200 is expected to open flat as the SPI200 oscillated between gains and losses in the Friday night session.


AUD Company Operating Profits and ANZ Job Adverts 11:30am

CNY Caixin Manufacturing PMI 11:45am

EUR German Final Manufacturing PMI 5:55pm

EUR Final Manufacturing PMI 6pm

GBP Manufacturing PMI 6:30pm

USD Bank Holiday