The Morning Jumpstart


  • SPI200 overnight futures up 3 pts to 6211
  • SP500 up 10.05 pts to 2850.40
  • NASDAQ up 47.67 pts to 7859.68
  • FTSE100 up 4.68 pts to 7663.78
  • DAX30 down 17.55 pts to 12598.21
  • GOLD futures (Dec) down $7.60 to $1215.60 an ounce
  • COPPER futures (Comex Sep) down $0.040 to $2.724 a pound
  • OIL futures (Nymex Sep) up $0.42 to $68.91 a barrel
  • CRB Index up 0.70 pts to 193.93
  • AUDUSD trading at 0.7387
  • EURUSD trading at 1.1552
  • GBPUSD trading at 1.2942
  • USDJPY trading at 111.4100

The US closed higher as the theme of the day was again a strong earnings season. The DOW was up 39.60 points or 0.16% with the SP500 up 0.35% and the Nasdaq up 0.61%. Traders decided to focus on what was more immediate and that is results, while brushing aside further tariff banter from the weekend. But as earnings wind down, the market will return to tariffs as China is showing signs of ‘hunkering down’ and getting ready for significant trade war. In Europe major Indexes edged lower or closed flat as concerns over an escalation of a trade war capped markets while a fall in the Euro helped support exporters. The dispute continues to unsettle markets as US bond yields weaken thanks to moderate safe haven buying.

Cryptocurrencies found selling pressure overnight as Bitcoin is trading at $6879.5 down 2.53%. Ethereum is trading at $402.47 down 2.10% while Ripple is at $0.41771 down 4.26%.

The USD was higher again being buoyed by trade war concerns and strength in the US economy. The EUR was lower on USD strength and on weaker German industrial orders. The GBP was lower on concerns that Britain would crash out of the EU without securing a trade agreement. The AUD found renewed selling pressure on lower Copper prices continuing on from a weaker Asian session.

Gold ended the session lower on a rising USD while Copper also found pressure as sellers saw the potential for a trade war to escalate. Oil pushed higher as the US prepares to reinstate sanctions against Iran.

Locally, shares had a strong session yesterday as a bounce in Copper and strong iron ore prices helped materials stocks with the sector driving overall gains on the Index. Expect to see mixed buying today as Copper was lower while Iron ore continued to edge higher overnight. Financial stocks also managed to close the days in the green with the sector up 0.7%. CBA is due to report results on Wednesday along with AMP. Traders will be watching the RBA release at 2:30pm and combing over the rate statement for any direction on interest rates.

The ASX200 is expected to open flat to up 5 points as the SPI200 saw a mildly choppy session overnight.



JPY  Average Cash Earnings 10am

AUD  Cash Rate and RBA Rate Statement 2:30pm

EUR  German Industrial Production and Trade Balance 4pm

GBP  Halifax HPI 5:30pm