The Morning Jumpstart


  • SPI200 overnight futures up 21 pts to 6158
  • SP500 up 8.34 pts to 2726.71
  • NASDAQ up 57.38 pts to 7567.69
  • FTSE100 down 89.08 pts to 7547.85
  • DAX30 down 67.83 pts to 12238.17
  • GOLD futures down $11.70 to $1242.80 an ounce
  • COPPER futures down $2.10 to $294.50 a pound
  • OIL futures down $0.09 to $74.06 a barrel
  • CRB Index down 2.89 pts to 197.50
  • AUDUSD trading at 0.7340
  • EURUSD trading at 1.1639
  • GBPUSD trading at 1.3145
  • USDJPY trading at 110.8700

The US closed higher in a choppy session helped along by gains in tech stocks. The DOW was up 35.77 points or 0.15% while the SP500 was up 0.31% and the Nasdaq up 0.76%. Traders were conservative in the market as the July 6th deadline for Chinese tariffs fast approaches and as two surveys of Chinese manufacturing out over the last few days show a softening in activity. In Europe shares were lower on concerns over US trade policies and on political issues as German Chancellor Merkel is to make a last-ditch effort to end a migration row. Trade talk over the weekend pressured the open of Europe as the EU warned the US that imposing import tariffs on cars and car parts will hurt their own industry and also lead to repercussions.

Cryptocurrencies backed up with another strong night as Bitcoin currently trades at $6642 up 4.07% while Ethereum is at %475.53 up 4.98% and Ripple at $0.49241 up 6.33%. Traders net short position on CBOE Bitcoin futures fell to 1368 from 1595 a week prior.

The USD index was higher for the session reversing Fridays weakness as traders build long positions on the back of improved sentiment on the US economy and raising interest rates. The USD also gained ground on safe haven buying as trade tensions continue. The EUR. the GBP and the AUD were all lower on the USD strength.

Gold fell overnight as technical sellers kept up the pressure along with the strength in the USD. Copper also found weakness on continued trade tensions and weakness in commodities. Oil edged lower as Trump says he wants more output from Saudi Arabia to compensate for lower exports from Iran while lashing out at OPEC with a warning to stop manipulating oil markets.

Locally, shares started the session off well but then were sold off from midday to finish lower. Advancing stocks outnumbered falling ones by 660 to 538 and 372 ended up unchanged. Banks came under pressure with ANZ leading the way lower after saying that they expect difficult trading conditions to continue for the foreseeable future. Real estate partially offset losses as the sector bounced back from end of financial year selling. Traders will be focused on todays Reserve Bank of Australia policy meeting at 2:30pm AEST, where the central bank is likely to hold rates.

The ASX200 is expected to open up around 20 points as the overnight SPI200 again reversed the days weakness into the US session close.



AUD  Building Approvals 11:30am

AUD  RBA Rate Statement and Cash Rate 2:30pm

GBP  Construction PMI 6:30pm

EUR  Retail Sales 7pm

USD  Factory Orders 12am