The Morning Jumpstart


  • SPI200 overnight futures down 18 pts to 6207
  • SP500 down 2.66 pts to 2801.83
  • NASDAQ down 5.10 pts to 7820.20
  • FTSE100 down 5.18 pts to 7678.79
  • DAX30 down 124.87 pts to 12561.42
  • GOLD futures up $7.10 to $1231.10 an ounce
  • COPPER futures up $6.05 to $275.60 a pound
  • OIL futures (Nymex) up $0.02 to $68.26 a barrel
  • CRB Index up 1.21 pts to 192.62
  • AUDUSD trading at 0.7415
  • EURUSD trading at 1.1724
  • GBPUSD trading at 1.3136
  • USDJPY trading at 111.4100

US Indexes were slightly lower even as corporate earnings were good as tariffs came to the fore again. The DOW was down 6.38 points or 0.03% while the SP500 was down 0.09% and the Nasdaq down 0.07%. US Bond yields were higher after Trump again threatened to impose tariffs on all Chinese imports which reminded traders to tread carefully. In Europe shares were weighed down by trade tensions and disappointing earnings updates as traders focus exporters for future guidance on change due to tariffs; primarily autos.

Cryptocurrencies are holding up well with Bitcoin trading at $7412.8 up 0.03% while Ethereum is at $458.64 down 1.52% and Ripple is at $0.45141 down 1.00%.

The USD fell over to halt the recent rally and erase three sessions of gains after comments from Trump complaining about the strength of the dollar and the rising US interest rate environment which caused some profit taking. Major currency crosses with the USD benefited from the twitter rant as the EUR, the GBP and AUD all rallied. Even as the USD fell Friday, net long positions were up from the week prior as USD bulls increased bets.

Gold bounced as the USD fell and sellers locked in some recent gains. Copper also had a good night to close out the week on the USD weakness. Oil was relatively unchanged at the close although traders are cautious as August output from Saudi Arabia is expected to be lower.

Locally, shares had a solid close Friday after coming out of the gate strong. The ASX200 was supported by healthcare and energy sectors with the big four banks also finishing the week on a positive note. Advancing stocks outnumbered falling ones by 711 to 503 and 381 ended unchanged. The Australian market continues to show resilience in the midst of global trade tensions although traders will be watching Chinas Yuan closely. Gold stocks came under pressure Friday although a rally in gold to close the trade week may bring in more buyers to start the week.

The ASX200 is expected to open down 15/20 points as the SPI200 was dragged lower during the European and US sessions on Friday.



EUR  German Buba Monthly Report 8pm

USD  Chicago Fed National Activity Index 10:30pm

USD  Existing Home Sales 12am

EUR  Consumer Confidence 12am

GBP  MPC Member Broadbent Speaks 3am