The Morning Jumpstart


  • SPI200 overnight futures flat at 6100
  • SP500 down 2.83 pts to 2779.66
  • NASDAQ down 14.66 pts to 7746.38
  • FTSE100 down 131.88 pts to 7633.91
  • DAX30 down 96.55 pts to 13010.55
  • GOLD futures down $29.80 to $1278.50 an ounce
  • COPPER futures down $7.75 to $314.45 a pound
  • OIL futures down $1.83 to $65.06 a barrel
  • CRB Index down 2.77 pts to 196.24
  • AUDUSD trading at 0.7442
  • EURUSD trading at 1.1610
  • GBPUSD trading at 1.3278
  • USDJPY trading at 110.6600

The US closed out the week on a low note as Wall Street was lower on Friday night. The DOW was down 84.83 points or 0.34% while the SP500 was down 0.10% and the Nasdaq down 0.19%. Growing trade war fears were intensified as Trump announced hefty tariffs on $50 billion of Chinese imports starting on July 6. China was quick to reply saying that they will respond equally with their own tariffs. Safe haven buying saw US bonds rise as traders went into ‘risk off’ mode on shares as they digested the latest trade war news. In Europe indexes sank, thanks to a looming trade war, only a day after markets were looking rosy as the ECB said they would hold off on an interest rate rise.

Cryptocurrencies are floundering as buyers continue to hold off with Bitcoin currently trading at $6500.8 down 0.57% while Ethereum is at $500.68 down 0.03% and Ripple at $0.52959 down 1.33%.

The USD index was relatively unchanged on Friday but that didn’t stop a move higher in the major currency crosses. Sellers reversed the previous move lower on the EUR as the currency cross gained back some lost ground on trade war concerns. The GBP was also higher shares pushed lower while the AUD continued its move lower as commodities were hit hard.

Gold dropped like a stone as commodities were hit hard after Trumps talk of tariffs. The precious metal was down over 2% on the futures contract. Copper also had a rough night to finish down around 2.5% on the general sell off in commodities. Oil dropped hard on expectations that Saudi Arabia and Russian output would soon increase.

Locally, shares had a big day to close out the week while Asia struggled. The ASX200 was led higher in Friday’s session by a strong move up in the Banks after the ECB signaled it would keep interest rates at record lows. Traders general expect a muted session as news filters through of US tariffs on China goods and continued trade war concerns. Commodities are expected to be a drag in the index.

The ASX200 is expected to open flat as the SPI200 made back earlier losses during the European session in to the close of the US in the early hours of Saturday morning.



JPY  Trade Balance 9:50am

EUR  Italian Trade Balance 7pm

EUR  German Buba Monthly Report  Tentative

AUD  CB Leading Index 12:30am

USD  FOMC Member Bostic Speaks 3am

EUR  ECB President Draghi Speaks 3:30am

USD  FOMC Member Williams Speaks 6am