The Morning Jumpstart


  • SPI200 overnight futures down 20 pts to 6239
  • SP500 up 5.91 pts to 2862.96
  • NASDAQ up 38.17 pts to 7859.17
  • FTSE100 down 25.56 pts to 7565.70
  • DAX30 up 53.19 pts to 12384.49
  • GOLD futures (Dec) up $8.10 to $1202.70 an ounce
  • COPPER futures (Comex Sep) up $0.018 to $2.686 a pound
  • OIL futures (Nymex Oct) up $0.67 to $66.09 a barrel
  • CRB Index up 0.89 pts to 190.01
  • AUDUSD trading at 0.7364
  • EURUSD trading at 1.1570
  • GBPUSD trading at 1.2901
  • USDJPY trading at 110.2700

The US edged higher with the SP500 touching new all time highs as the bull run is on the cusp of breaking the record for the longest bull market in history. The DOW closed up 63.60 points or 0.25% with the SP500 up 0.21% and the Nasdaq closing up 0.49%. Bulls and bears still fight it out as many believe that high stock valuations and lack of future growth prospects may mean a major correction is on the cards. In Europe major indexes continue to gain confidence as Emerging Markets find some relief and the tone turns positive on the trade war.

The USD dollar was lower as US bonds dropped on traders willingness to take on more risk into shares. Trump fired shots at the US Fed Reserve saying he was not happy with the rate rises and strength in the USD. Emerging markets benefited from weakness in the USD. The EUR, the GBP and the AUD all continued to move up with the AUD being capped to some extent by political concerns.

Gold continued to rally showing some more strength in the bounce to give bulls some faith. Copper also continued to gain confidence from a potential trade war resolution and also as the USD heads lower. Oil also sees the bulls in charge thanks to potential US sanctions on Iran and the prospect of lower supply although an easing of tensions from US/China trade dispute has kept buyers cautious.

Cryptocurrencies continued to edge lower, well all but Bitcoin which is trading at $6480.8 up 0.27%. Ethereum continues to come under pressure trading at $280.50 down 1.91% while Ripple is trading at $0.33530 down 1.89%.

Locally, shares were hit hard right out of the gate as the ASX200 dropped back below 6300 with buyers remaining on the sidelines. Aussie Prime Minister managed to survive a leadership challenge although the narrow margin sent shares lower. BHP missed its target to send the shares down 1.9% as investors shrugged off a record final dividend. Banks were lower with WBC leading the charge to close down 2.12%. The RBA said that they wanted to be “a source of stability and confidence” against a backdrop of political strife and drought, which may leave investors scratching their heads. Traders will now focus on the FOMC minutes tonight and Trumps twitter feed for potential market moving news. Declining stocks outnumbered rising ones by 626 to 579 and 411 ended unchanged.

The ASX200 is expected to open down 15/20 points as the SPI200 continued to come under pressure overnight while Europe and the US rallied.



NZD  Retail Sales Data 8:45am

AUD  Construction Work Done 11:30pm

AUD  RBA Assist Gov Debelle Speaks 1:10pm

CAD  Retail Sales Data 10:30pm

USD  Existing Home Sales 12am

USD  Crude Oil Inventories 12:30am

USD  FOMC Meeting Minutes 4am