The Morning Jumpstart


  • SPI200 overnight futures up 12 pts to 6149
  • SP500 closed
  • NASDAQ closed
  • FTSE100 down 20.20 pts to 7573.09
  • DAX30 down 31.53 pts to 12317.61
  • GOLD futures up $4.60 to $1258.10 an ounce
  • COPPER futures down $5.60 to $286.10 a pound
  • OIL futures up $0.19 to $74.33 a barrel
  • CRB Index closed
  • AUDUSD trading at 0.7379
  • EURUSD trading at 1.1657
  • GBPUSD trading at 1.3235
  • USDJPY trading at 110.5000

The US was closed for the session for 4th of July celebrations so markets were relatively contained. Trade war concerns still filtered through as the July 6th deadline approaches. In a statement Wednesday, China said that they would not fire the first shot on tariffs and will await for the US to make its move. Bulls and Bears continue to remain jittery as they await an outcome while the World Trade Organisation (WTO) have said that forward looking indicators are showing signs of a slow down in global growth. In Europe shares were lower as they played catch up to the US from the previous session. Trade concerns continued to weigh on investors as neither bulls nor bears are able to get a strong foothold with markets swinging between gains and losses in choppy trade over the previous few weeks.

Cryptocurrencies had a good night across the board as Bitcoin pushed higher currently trading at $6692 up 1.18%. Ethereum is at $474.39 up 1.08% and Ripple at $0.50134 up 1.16%.

The USD index edged slightly lower in a quiet session as US traders enjoyed a day off. China seems to be comfortable with a weakening Yuan and may only intervene on any rapid or destabilising moves lower. The EUR and the AUD were relatively unchanged for the session while the GBP managed to put on some gains to close higher from the same time yesterday.

Gold continued its push higher as technical buyers stepped in to the action and safe haven buyers anticipate action over the coming days. Copper had another rough night to continue lower as buyers disappear as they await to see the outcome of tariffs on the 6th July. Oil rallied slightly as Trump lashes out at OPEC for doing little to ease escalating gas prices.

Locally, shares were lower at the close thanks to losses in Financials, Industrials and Consumer Staples. On the ASX, declining stocks outnumbered rising ones by 673 to 515 and 367 ended unchanged. Stronger retails sales figures could not buoy shares as trade concerns weighed on sentiment. The big four banks saw some profit taking on the recent rally so traders will be focused on support levels if fresh selling comes in over the coming days or weeks.

The ASX200 is expected to open up 10/12 points as the SPI200 bounced higher off support in a quiet session overnight.



EUR  German Factory Orders 4pm

GBP  BOE Gov Carney Speaks 8pm

EUR  German Buba President Weidmann Speaks 9:15pm

USD  ADP Non-Farm Employment Change 10:15pm

USD  Unemployment Claims 10:30pm

USD  ISM Non-Manufacturing PMI 12am

USD  Crude Oil Inventories 1am

USD  FOMC Meeting Minutes 4am