The Morning Jumpstart


  • SPI200 overnight futures up 30 pts to 6054
  • SP500 up 23.55 pts to 2772.35
  • NASDAQ up 51.38 pts to 7689.24
  • FTSE100 up 25.57 pts to 7712.37
  • DAX30 up 42.94 pts to 12830.07
  • GOLD futures down $1.60 to $1300.60 an ounce
  • COPPER futures up $7.00 to $326.85 a pound
  • OIL futures down $0.51 to $65.01 a barrel
  • CRB Index down 0.17 pts to 199.01
  • AUDUSD trading at 0.7667
  • EURUSD trading at 1.1776
  • GBPUSD trading at 1.3414
  • USDJPY trading at 110.1700

The US put in another solid night as the Nasdaq hit another record high and financials gained on the back of strong economic data. The DOW was up 346.41 points or 1.40% with the SP500 up 0.86% and the Nasdaq up 0.67%. Trade war fears took a back seat although Trump is set to meet G7 leaders this week and is not backing down from the tough stance on trade. In Europe shares were stronger as the ECB talked up higher inflationary levels and a potential wind down of its stimulus program by the end of the year. The news saw a sell off in bond markets as German Bunds and other European government debt drop. The bond moves spilled over into the US as yields gained and pushed back up to the 3.00% level.

Cryptocurrencies had a contained session as prices generally held onto currently levels. Bitcoin is currently trading at $7636 down 0.09%, Ethereum at $604.81 down 0.65% and Ripple at $0.67185 down 1.16%.

The USD index was lower against a basket of major pairs being pressured by the EURO. The EUR found strong buying after officials said the European Central Bank could wind down its stimulus program by the end of the year, as inflation has risen to its target. The GBP was also stronger for the session while the AUD gained on the the back of a weaker USD and solid economic data yesterday.

Gold gave up any gain from the previous session to push lower. Copper continued on from the previous sessions gains to end strongly higher as concerns about the potential supply impact of wage negotiations at the world’s biggest copper mine continued. Traders are also watching the move in copper as a potential short covering rally as labor-related issues go back to the beginning of the year and would likely be already factored in. Oil edged lower as US inventory data came out positive up 2.1M barrels after traders were expecting numbers to be down 2.0M barrels.

Locally, banks came under pressure yesterday as ASIC laid charges against ANZ for alleged cartel behaviour. Energy and Resources stocks had a good day yesterday and will look to continue that trend today. GDP data came out better than expected up 1.0% showing solid growth for March and traders will today be focused on the Aussie trade balance data release.

The ASX200 is expected to open up around 30 points after the SPI200 found some strength into the close overnight.



AUD  Trade Balance 11:30am

EUR  German Factory Orders 4pm

GBP  Halifax HPI 5:30pm

EUR  Revised GDP 7pm

USD  Unemployment Claims 10:30pm

GBP  MPC Member Ramsden Speaks 1am

CAD  BOC Gov Poloz Speaks 1:15am