The Morning Jumpstart

MARKET SNAPSHOT (7:15am AEST)-

  • SPI200 overnight futures up 10 pts to 6249
  • SP500 down 4.12 pts to 2853.58
  • NASDAQ up 3.46 pts to 7891.78
  • FTSE100 down 34.88 pts to 7741.77
  • DAX30 up 42.57 pts to 12676.11
  • GOLD futures (Dec) down $1.00 to $1220.00 an ounce
  • COPPER futures (Comex Sep) up $0.013 to $2.764 a pound
  • OIL futures (Nymex Sep) down $0.23 to $66.71 a barrel
  • CRB Index down 0.61 pts to 192.43
  • AUDUSD trading at 0.7375
  • EURUSD trading at 1.1527
  • GBPUSD trading at 1.2827
  • USDJPY trading at 111.0900

The US closed mixed again as the Nasdaq grinded out gains against the flow of the broader market. The DOW was down 74.52 points or 0.29% with the SP500 down 0.14% and the Nasdaq up 0.04%. The broader SP500 was in positive territory for most of the session although it sold off into the close. Traders are still in a holding pattern as less and less companies are available to drag the main index higher as earnings season comes to an end. Unemployment data out in the US showed continued signs of economic strength as Indexes creep up to new all time highs. In Europe shares ended higher although the FTSE100 was lower at the close.

The US said that it would apply new sanctions against Russia because it had determined that Moscow had used a nerve agent against a former Russian agent and his daughter in Britain.

Cryptocurrencies found some buying support from bargain hunters as Bitcoin trades at $6596.6 up 4.22% while Ethereum is at $368.79 up 3.05% and Ripple is trading at $0.34753 up 4.07%.

The USD rebounded from the previous sessions pullback as China’s Yuan held its ground. Traders are now looking to new triggers for the USD to continue the move higher potentially from trade war banter. The EUR, the GBP and the AUD where all lower pressured by the rise in the USD.

Gold was relatively flat after two sessions of gains taking comfort from a steadier Chinese currency. Copper continued to edge higher as further sellers decided to lock in some gains as BHP union issues at the Escondida Copper mine continue. Oil was lower although sellers were not as strong as in the previous sessions trading.

Locally, the ASX200 had a good day as price broke up through a key level to drag in more buyers. Advancing stocks outnumbered falling ones by 669 to 549 and 370 ended unchanged. The financial sector did well as did gold stocks on the back of stronger overnight futures prices. Good earnings in CWN and MFG sent respective prices higher into the close.

The ASX200 is expected to open up 5/10 points as the SPI200 holds on to gains from the days session.

 

ECONOMIC DATA OUT TODAY (AEST) –

JPY  Prelim GDP and PPI Data 9:50am

AUD  RBA Monetary Policy Statement 11:30am

GBP  GDP Data and Manufacturing Production 4:45pm

GBP  Goods Trade Balance and Prelim Business Investment 4:45pm

CAD  Employment Change and Unemployment Rate 10:30pm

USD  CPI Data 10:30pm

USD  Federal Budget Balance 4am

 

SPI200 INTRADAY LEVELS TO WATCH –