The Morning Jumpstart


  • SPI200 overnight futures up 10 pts to 6204
  • SP500 up 6.07 pts to 2815.62
  • NASDAQ down 0.67 pts to 7854.45
  • FTSE100 up 49.95 pts to 7676.28
  • DAX30 up 104.40 pts to 12765.94
  • GOLD futures up $0.10 to $1227.40 an ounce
  • COPPER futures up $1.80 to $276.50 a pound
  • OIL futures up $0.92 to $69.00 a barrel
  • CRB Index up 0.38 pts to 191.47
  • AUDUSD trading at 0.7399
  • EURUSD trading at 1.1642
  • GBPUSD trading at 1.3069
  • USDJPY trading at 112.8400

US Indexes continued the push higher overnight on the back of stronger earnings which boosted expectations for a solid second quarter reporting season. The DOW was up 79.40 points or 0.32% while the SP500 closed up 0.22% while the Nasdaq lagged to close at breakeven. Earnings estimates are now expected to have increased 21.4% up from 20.7% at the beginning of July. Fed Chair Powell reiterated that the US economy was strong although warning that rising world protectionism would pose a risk to growth over time. In Europe shares were strong on the back of a weaker currency and and some well-received earnings updates from the tech sector.

Cryptocurrencies were mixed overnight as Bitcoin held onto gains currently trading at $7354.9 up 0.54%. Ethereum was lower trading at $475.84 down 5.25% and Ripple also weaker at $0.48506 down 5.06%.

The USD continued to find strength on the back of positive comments from Fed Chair Powell yesterday. Powell said that the economy may face headwinds from increased protectionism and tariffs in the future. The EUR and the GBP were lower on USD strength while the AUD bucked the trend and rallied thanks to commodity Indexes finding some strength.

Gold sellers took a breather as the precious metal closed relatively flat. Copper managed to put on some minor gains more on the lack of trade war news than a change in sentiment as recent sellers locked in gains. Oil bounced as US data showed bullish demand for Gas and Distillates even as US Oil inventories came in surprisingly strong to beat negative expectations.

Locally, shares had a solid day as buyers jumped back into the market as Materials and Healthcare stocks led the way. Advancing stocks outnumbered falling ones by 722 to 499 and 351 ended unchanged. BHP reported its iron ore output rose 3% during the three months through June to beat expectations which gave a lift to the mining sector. The AUDUSD was higher overnight to go against the grain as commodity Indexes rallied so we will expect to see support for miners today to continue the positive sentiment.

The ASX200 is expected to open up 5/10 points as the SPI200 holds onto gains in the overnight session.



JPY  Trade Balance 9:50am

AUD  Employment Change and Unemployment Rate 11:30am

GBP  Retails Sales 6:30pm

USD  Philly Fed Manufacturing Index and Unemployment Claims 10:30pm

USD  FOMC Member Quarles Speaks 11pm