The Morning Jumpstart


  • SPI200 overnight futures down 5 pts to 6241
  • SP500 up 18.03 pts to 2839.96
  • NASDAQ up 51.19 pts to 7870.90
  • FTSE100 down 30.81 pts to 7611.64
  • DAX30 up 0.13 pts to 12358.87
  • GOLD futures (Dec) up $2.20 to $1201.10 an ounce
  • COPPER futures (Comex Sep) down $0.047 to $2.684 a pound
  • OIL futures (Nymex Sep) down $0.55 to $66.65 a barrel
  • CRB Index up 0.14 pts to 190.44
  • AUDUSD trading at 0.7239
  • EURUSD trading at 1.1344
  • GBPUSD trading at 1.2723
  • USDJPY trading at 111.1600

The US managed to bounce back strong as a rally in Turkeys Lira brought back investors confidence. The DOW was up 112.22 points or 0.45% with the SP500 up 0.64% and the Nasdaq rallied 0.65%. The Lira was up almost 8% from the previous close giving traders a little more confidence although emerging markets may continue to find pressure as Turkey and the US continue to go head to head. The Turkish economy may be backed into a corner with little currency reserves and near double digit inflation so the worst may not be over. In Europe share Indexes were mixed with the FTSE finishing lower while the German DAX was flat after positive data showed the economy picked up more steam than expected. We expect Europe may rally to play catch up to the rally in the US.

Cryptocurrencies had another rough session to continue the move lower as Bitcoin trades at $6098.5 down 2.93%. Ethereum is at $261.53 down 10.27% and Ripple is at $0.26395 down 5.80%.

The USD continued to gain strength as safe haven buying continued to flow into the US currency. Emerging market currencies also got a reprieve along with a bounce in the Turkish Lira but the headwinds still remain. The EUR, the GBP and the AUD were all lower finding pressure by the rise in the USD as buyers continue to build.

Gold had a minor bounce overnight as sellers booked some gains after yesterdays strong selloff caught the gold bugs off guard. Copper continued to edge lower as traders see no near term end to the US/China trade spat. Oil edged lower as traders digest OPEC news on a forecast drop in demand for 2019 and higher surplus ahead of US crude oil inventory data out tonight.

Locally, Aussie shares end higher being lifted by Financials and IT. Advancing stocks outnumbered falling ones by 629 to 545 and 393 ended unchanged. Positive news from ANZ and NAB gave investors confidence to add risk to the sector. Higher Chinese iron ore futures brought in demand for materials stocks while the energy sector held up well with some like BPT continuing to gain. Data showed that investment growth in China slowed to a record low while industrial production data missed the mark.

The ASX200 is expected to open flat as the SPI200 holds onto gains from the day session.



AUD  Wage Price Index 11:30am

GBP  CPI and PPI Data 6:30pm

USD  Retail Sales Data, Empire State Manufacturing and Prelim Uit Labour Costs 10:30pm

USD  Capacity Utilization Rate and Industrial Production 11:15pm

USD  Crude Oil Inventories 12:30am