The Morning Jumpstart


  • SPI200 overnight futures down 3 pts to 6311
  • SP500 up 6.92 pts to 2857.05
  • NASDAQ up 4.68 pts to 7821.01
  • FTSE100 up 32.67 pts to 7591.26
  • DAX30 up 120.75 pts to 12331.30
  • GOLD futures (Dec) up $13.10 to $1197.30 an ounce
  • COPPER futures (Comex Sep) up $0.037 to $2.666 a pound
  • OIL futures (Nymex Oct) up $0.23 to $65.44 a barrel
  • CRB Index up 0.37 pts to 189.11
  • AUDUSD trading at 0.7340
  • EURUSD trading at 1.1487
  • GBPUSD trading at 1.2797
  • USDJPY trading at 110.0800

The US put in another good session being supported by upcoming trade talks between the US and China although Trump said that he does not expect much to come about from the negotiations. The DOW closed up 89.37 points or 0.35% with the SP500 up 0.24% and the Nasdaq closing up 0.06%. The markets were kicking along nicely until Trump, in an interview, criticized the US Fed Reserve for raising interest rates to which the market gave up some gains into the close. In the interview, he also accused China and Europe of manipulating their respective currencies. In Europe major indexes were higher being lifted by trade talks and also as Turkey’s currency crisis showed no immediate sign of worsening as the Lira lifted into the close.

Cryptocurrencies gave up some of the gains from the previous session although Bitcoin held up okay and is trading at $6444.0 down 0.88%. Ethereum is trading at $285.97 down 5.58% and Ripple is at $0.33855 down 3.02%.

The USD dollar again pushed lower towards the end of the session as Trump reportedly said that he was unhappy with the Fed Reserves interest rate hikes. The Turkish Lira continued to fall although clawed back some of the losses into the close. Traders are still seeking decisive action from Turkeys reserve bank as they punish Turkish sovereign dollar bonds as yields rise. The EUR, the GBP and the AUD all continued to edge higher on a weaker USD.

Gold staged a comeback to put in a solid rally after a lift in the Chinese currency made the precious metal cheaper to buy for the worlds biggest gold consumer. Copper also continued higher supported by US/China trade talks and some potential resolution to a trade war. Oil was up as traders focus on a potential fall in supply from Iran.

Locally, the ASX200 had a relatively quiet day and was well contained to close up only 5.80 points to 6345. Buyers continually stepped in to defend the 6340 zone as the banks went lower. Miners and Materials sectors supported the Index as traders gained confidence from upcoming trade talks between the US and China. Advancing stocks outnumbered falling ones by 693 to 538 and 386 ended unchanged. An easing in trade concerns lifted the materials sector overnight so we would expect to see a flow on into the ASX200.

The ASX200 is expected to open flat as the SPI200 floundered in the overnight session struggling to follow the US higher.



AUD  Monetary Policy Meeting Minutes 11:30am

CHF  Trade Balance 4pm

GBP  Public Sector Net Borrowing 6:30pm

GBP  CBI Industrial Order Expectations 8pm