The Morning Jumpstart


  • SPI200 overnight futures down 16 pts to 6136
  • SP500 up 5.99 pts to 2723.06
  • NASDAQ up 29.62 pts to 7561.63
  • FTSE100 up 28.08 pts to 7537.92
  • DAX30 down 35.99 pts to 12234.34
  • GOLD futures down $8.10 to $1260.80 an ounce
  • COPPER futures up $0.60 to $301.55 a pound
  • OIL futures up $2.60 to $70.68 a barrel
  • CRB Index up 1.90 pts to 197.24
  • AUDUSD trading at 0.7393
  • EURUSD trading at 1.1648
  • GBPUSD trading at 1.3224
  • USDJPY trading at 110.0200

The US bounced back as traders scoured for bargains with energy stocks leading the way. The DOW was up 30.31 points or 0.12% while the SP500 was up 0.22% and the Nasdaq up 0.39%. Traders still remain wary as buyers and sellers battle with daily twists and turns of a trade war and a strong underlying US economy as the DOW gave up 100 points into the close. Traders are still unwilling to take on much risk as they await to see how the trade war plays out. In Europe markets were mixed with the DAX lower and FTSE higher although the general theme was one of restraint on continued trade tensions. A modest bounce on the open after the previous days selloff did not last and shares generally closed flat.

Cryptocurrencies were again under pressure with Bitcoin currently trading at $6188.4 down 1.32% while Ethereum is at $442.62 down 4.04% and Ripple at $0.46952 down 2.40%.

The USD index was higher against a basket of major FX pairs as traders focused back on rising US interest rates. The EUR along with the GBP both pushed lower on strength in the USD. The AUD did not get any reprieve from a rally in commodity indexes and also continued its push lower into the close.

Gold was again lower as price remained under pressure from a strong economy and beliefs that rising US interest rates will further support the USD. Copper was higher on a relief rally in commodity indexes. Oil had a big night after a senior US State Department official (while remaining anonymous) said Washington was telling its allies to ‘stop importing Iranian Crude Oil’ while Saudi Arabia plans to pump the most in its history in July.

Locally, shares were lower at the close although not as weak as expected as the Resources and Material sectors came under pressure. Declining stocks outnumbered rising ones by 772 to 498 and 440 ended unchanged on the ASX. Today we may expect to see bargain hunting in to resources as commodities bounced overnight although continued trade war fears between the US and China may cap enthusiasm. ANZ is in hot water over its treatment of farmers while BHP has settled a $7.1 Billion civil lawsuit over the collapse of a dam in a Brazilian mine.

The ASX200 is expected to open down around 15/20 points after the SPI200 managed to hold just below the days highs as the US closed up.



NZD  Trade Balance 8:45am

NZD  ANZ Business Confidence 11am

EUR  M# Money Supply and Private Loans 6pm

GBP  BOE Gov Carney Speaks and BOE Financial Stability Report 6:30pm

USD  Core Durable Goods Orders, Goods Trade Balance and Prelim Wholesale Inventories 10:30pm

USD  Crude Oil Inventories 12:30am

USD  FOMC Member Quarles Speaks 1am

CAD  BOC Gov Poloz Speaks 5am

NZD  Official Cash Rate and RBNZ Rate Statement 7am