The Morning Jumpstart


  • SPI200 (Sep) overnight futures up 11 pts to 6611
  • SP500 up 2.71 pts to 2978.71
  • NASDAQ down 13.75 pts to 8103.07
  • Dow Jones up 69.31 pts to 26797.46
  • FTSE100 up 11.17 pts to 7282.34
  • DAX30 up 64.95 pts to 12,191.73
  • GOLD futures US Session (December) down $10.00 to $1515.50 an ounce
  • COPPER futures US Session (Comex Dec) down $0.0110 to $2.6310 a pound
  • OIL futures US Session (Nymex Oct) up $0.22 to $56.52 a barrel
  • CRB Index up 0.28 pts to 172.62
  • AUDUSD trading at 0.6846
  • EURUSD trading at 1.1029
  • GBPUSD trading at 1.2283
  • USDJPY trading at 106.9200
  • USD Index (ICE Sept) trading at 98.377 down 0.005

In the US, Indexes finished the week with minor gains as US employment data showed that job growth slowed more than expected for August. US Bond yields moved lower as comments from Fed Chair Powell supported expectations for a rate cut when they next meet. The Fed still seems torn between a continued strong jobs market and further headwinds from tariffs and what that means to future growth for the economy. Powell also mentioned that it was his expectation that both the US and world economies will continue to grow at a modest pace and would avoid any recession. The DOW closed up 0.26% while the broader SP500 was up only 0.09% while the Nasdaq ended down 0.17%. In Europe, Indexes finished stronger to end the week on a positive note. Major indexes were boosted after China announced they would lower the amount of cash that banks must hold as reserves effectively freeing up lending.

Data out from China over the weekend showed exports unexpectedly fell in August as shipments to the US slowed sharply, pointing to further weakness in the world’s second-largest economy and the need for stimulus as the trade war continues.

The USD initially moved lower after the jobs data was released Friday but then managed to make back most of the loses once the US session began and also found support from Powell comments. In the end the dollar ended slightly lower as traders gear up for expected rate cuts next week. The EURO initially pushed higher off its lows after the US employment data came out and the USD fell but then turned around and headed lower into the close as the dollar bounced back. The GBP saw some similar action after the employment data although price looked a lot heavier as sellers jumped in to cap any rally. The AUD continued its move up off lows as the US and China potentially take steps towards a trade deal. The USDJPY moved in tandem with the USD as safe haven YEN buyers generally sat on the sidelines.

Gold again moved lower as safe haven traders edged out of the precious metal. Comments from Powell on the unlikelihood for a recession along with recent positive news gave pause for thought whether the rally in gold may be over. Oil gained on Powell comments on expectations move for a lift in demand. The commodity initially sold off a $1.50 in choppy trade before Powell said he expects continued modest global growth. Copper took a breather from the move up as price was stuck in a range between 2.6250 and 2.6500. The news out from China over the weekend may see some pressure from sellers on profit taking of the recent run up.

Cryptocurrencies were mixed as Bitcoin was lower over the weekend while Ethereum and Ripple managed to edge higher from Fridays session. Bitcoin is currently trading at $10357.3 down 1.31% while Ethereum is at $179.62 up 0.48% and Ripple is at $0.25960 down 0.32%.

The ASX200 opened stronger Friday and managed to hold onto the gains into the close as the bulls are reinvigorated with the rally in the US. At the close the index ended up 34.1 points to 6647.3 with the Information Tech and Energy sectors leading the charge while the Gold sector came under pressure as sellers piled into gold and safe haven buyers locked away some gains. Rising stocks outnumbered declining ones by 688 to 559 and 351 ended unchanged.

The ASX200 is expected to open relatively flat as the SPI200 closed the session around where it started as buyers took a breather in the US. The data out from China on slowing growth may cap the bulls for today.


JPY Bank Lending, Current Account and GDP Data 9:50am

AUD Home Loans 11:30am

EUR German Trade Balance 4pm

GBP GDP, Goods Trade Balance and Manufacturing Production 6:30pm