MARKET SNAPSHOT (7:15 AEST)–
- SPI200 overnight futures up 44 pts to 5938
- SP500 up 27.54 pts to 2666.94
- NASDAQ up 114.94 pts to 7118.68
- FTSE100 up 42.11 pts to 7421.43
- DAX30 up 78.17 pts to 12500.47
- GOLD futures down $5.00 to $1317.80 an ounce
- COPPER futures down $1.75 to $314 a pound
- OIL futures up $0.11 to $68.16 a barrel
- CRB Index up 0.53 to 201.22
- AUDUSD trading at 0.7554
- EURUSD trading at 1.2106
- GBPUSD trading at 1.3917
- USDJPY trading at 109.2900
The US had a strong session as US Bond yields fall away from highs and a solid bout of quarterly earnings buoyed stocks. The DOW was up 238.51 points or 0.99% while the SP500 was up 1.04% and the Nasdaq up 1.64%. A resurgence in the Tech sector as Facebook jumped 9.06% on a strong rise in profit showing no sign it was hurt in recent scandals. Recent economic data suggested that the US Fed Reserve will stick to its gradual pace of rate increases taking pressure of bonds. Europe also had a good night on the back of solid earnings which lifted share prices. A fall in the Euro helped exporters while banks were a focus on easing bond yields.
Cryptocurrencies bounced back after yesterdays weakness as Bitcoin currently trades at $9101 up 1.44% while Ethereum is up 2.59% and Ripple up 3.81%.
The USD index continued to strengthen as short positions into the dollar were unwound as the short squeeze played out. The EUR, GBP and the AUD were again lower as the EURO got an extra push after ECB President Mario Draghi hailed “solid” euro zone growth but kept rates unchanged with no hints to ending the quantitative easing program.
Gold continued its move lower as traders piled back into shares and continued to look to bonds as a yielding safe haven trade. Copper was again pressured by the USD and moved lower while Crude Oil was slightly higher on lingering Iran concerns and potentially tightening supply.
The ASX200 is is expected to open up 40 points as the SPI200 had a solid after hours session led higher by European and US trade. Traders will focus today on Producer Price data out today locally at 11:30am.
ECONOMIC DATA OUT TODAY (AEST) –
NZD Trade Balance 8:45am
JPY CPI and Unemployment Data 9:30am
JPY Industrial Production and Retail Sales 9:50am
AUD PPI 11:30am
JPY Monetary Policy Statement, BOJ Policy Rate and Outlook Report Tentative
JPY BOJ Press Conference Tentative
EUR Spanisd Flash CPI and GDP 5pm
EUR German Unemployment Change 5:55pm
CHF SNB Chairman Jordan Speaks 6pm
USD Advance GDP, GDP Price Index and Employment Cost Index 10:30pm
GBP BOE Gov Carney Speaks 12am
SPI200 INTRADAY LEVELS TO WATCH –