The Morning Jumpstart


  • SPI200 (Sep) overnight futures up 17 pts to 6634
  • SP500 up 0.96 pts to 2979.39
  • NASDAQ down 3.28 pts to 8084.16
  • Dow Jones up 73.92 pts to 26909.43
  • FTSE100 up 32.14 pts to 7267.95
  • DAX30 up 42.61 pts to 12,268.71
  • GOLD futures US Session (December) down $17.90 to $1493.20 an ounce
  • COPPER futures US Session (Comex Dec) down $0.0050 to $2.6220 a pound
  • OIL futures US Session (Nymex Oct) up $0.06 to $57.91 a barrel
  • CRB Index up 0.63 pts to 174.94
  • AUDUSD trading at 0.6862
  • EURUSD trading at 1.1042
  • GBPUSD trading at 1.2361
  • USDJPY trading at 107.5400
  • USD Index (ICE Sept) trading at 98.252 up 0.004

In the US, Indexes were lower for most of the session and were only saved by a last minute rally into the close. Markets were supported by a jump in bond yields as traders position themselves ahead of the ECB meeting where it is expected that the ECB will cut rates and point to further bond buying stimulus. Capping the market was a report showing US job openings fell for a second straight month. This comes on the back of Fridays payrolls data showing hiring slowed and adds to the case that US employment has peaked and the labour market is loosing momentum. The DOW closed up 0.28% while the broader SP500 was up slightly by 0.03% and the Nasdaq ended down 0.04%. In Europe, Indexes ended the session higher led by gains in banks and energy stocks. A lift in bond yields and expectation for stimulus helped support Banks while Oil held onto recent gains to buoy the energy sector.

Markets are holding up under Brexit, Trade and Debt pressure as buyers are buoyed by global stimulus. Concern continues to mount that the ECB and other global central banks are nearing the limits of stimulus policies especially those with negative interest rates and below zero long-term sovereign bond yields.

The USD ended the session flat and was steady holding in a tight range as traders geared up for the ECB meeting Thursday. The EURO was also stuck in a tight range ahead of the ECB release as traders are bracing themselves for a lack of expected stimulus as they try to assess how much is already baked into price and how much will be potentially added. The GBP initially spiked early after UK Employment data but then the pair settled down as traders await further clarity on what has become a farcical Brexit. The AUD oscillated between gains and losses only to end up where it started the day as traders await major news for direction. The USDJPY continued higher as safe haven YEN buyers continued to exit the pair.

Gold again fell over to push below the $1500 level on the futures contract as safe haven buyers exited. It will be interesting to see if Gold goes into a major correction lower which will suggest that stock markets are happy to take on more risk and hold onto recent gains and even push higher. Oil had a relatively flat session as some of the recent gains were locked away by buyers as price back away from 58.76 highs. Copper found resistance around 2.6420 as price reacted lower.

Cryptocurrencies edged lower with Bitcoin currently trading at $10067.6 down 1.66%. Ethereum is trading at $178.46 down 0.60% and Ripple is around $0.25543 down 0.99%.

The ASX200 had a rough session yesterday as sellers jumped into the action right from the open to push the index lower into the close. The ASX was weighed down by Chinese Producer Price data which had its sharpest pace of declines in three years. In the end the index finished down 33.9 points to 6614.1. The worse performing sectors were Gold, IT and Healthcare while Energy managed to lift after a strong rally in Oil. Falling stocks outnumbered advancing ones by 702 to 523 and 348 ended unchanged.

The ASX200 is expected to open up 20 points as the SPI200 pushed up off the days lows in the overnight session.


AUD Westpac Consumer Sentiment 10:30am

CNY New Loans 11th-15th

USD PPI Data 10:30pm

USD Final Wholesale Inventories 12am

USD Crude Oil Inventories 12:30am