The Morning Jumpstart


  • SPI200 overnight futures up 21 pts to 6204
  • SP500 up 13.13 pts to 2840.35
  • NASDAQ up 9.33 pts to 7812.02
  • FTSE100 up 83.17 pts to 7659.10
  • DAX30 up 69.43 pts to 12615.76
  • GOLD futures (Dec) up $1.80 to $1221.90 an ounce
  • COPPER futures (Comex Sep) up $0.015 to $2.752 a pound
  • OIL futures (Nymex) down $0.47 to $68.49 a barrel
  • CRB Index up 0.58 pts to 193.23
  • AUDUSD trading at 0.7404
  • EURUSD trading at 1.1568
  • GBPUSD trading at 1.3001
  • USDJPY trading at 111.2500

The US closed out the week on a positive note thanks to strong earnings although the trade spat continued to cap buying. The DOW was up 136.42 points or 0.54% while the SP500 was up 0.46% and the Nasdaq was up 0.12%. US Jobs data failed to hit the mark but data also showed the unemployment rate dropped to 3.9% while traders remained firm on expectations for a September interest rate hike as wage growth remains consistent. In Europe major Indexes were also stronger being buoyed by earnings with Financials leading the charge as the sector rose 3%.

Tariff ‘tough talk’ continued between China and the US on Saturday after markets closed. China said “Such methods of extreme blackmail will not bear fruit against China” as the finance ministry unveiled new sets of additional tariffs on 5,207 goods imported from the US. Trump obviously disagreed in a tweet saying “Tariffs are working far better than anyone ever anticipated” referring to drops in the Chinese stock market.

Cryptocurrencies bounced over the weekend after selling off into the end of the week. Bitcoin is trading at $7046.3 up 0.81% while Ethereum is at $412.04 up 1.69% and Ripple is trading at $0.43488 up 1.35%.

The USD was slightly lower into the close as weaker than expected jobs data saw some traders locking in gains on potential slowing jobs growth. Traders trimmed their net long bets on the USD but maintained a significantly large long position at $20.06 Billion down from $20.33 Billion. The EUR and the GBP were weaker against the USD while the AUD gained ground thanks to a bounce in Copper prices.

Gold gained back some lost ground to close higher. Copper also bounced to rally higher as recent selling pressure took a breather. Oil was weaker for the session as traders locked in some gains from Thursday’s rally while still focusing on the potential for declining stockpiles.

Locally, shares closed Fridays session lower as trade war concerns continued to drag on commodities which left Materials, Gold and Mining sectors lower. Advancing stocks outnumbered falling ones by 676 to 578 and 371 ended unchanged. The market started off the session higher following a strong lead from the US, but traders could not hold onto gains as shares turned south. Long term investors are remaining on the sidelines in a choppy market as they await a clearer direction on trade issues. Financials were also a big drag in the index as they continued the move lower from the previous few sessions as the Royal Commission Inquiry is set to continue hearings.

The ASX200 is expected to open up 20 points in what seems to be a choppy market. The SPI200 was dragged higher in the US session after spending the day trading lower.



AUD  MI Inflation Gauge 11am

AUD  ANZ Job Adverts 11:30am

EUR  German Factory Orders 4pm