The Morning Jumpstart


  • SPI200 overnight futures up 17 pts to 6253
  • SP500 down 1.14 pts to 2861.82
  • NASDAQ up 29.93 pts to 7889.10
  • FTSE100 up 8.54 pts to 7574.24
  • DAX30 up 1.21 pts to 12385.70
  • GOLD futures (Dec) up $2.40 to $1202.40 an ounce
  • COPPER futures (Comex Sep) down $0.029 to $2.667 a pound
  • OIL futures (Nymex Oct) up $2.28 to $68.12 a barrel
  • CRB Index up 1.11 pts to 191.12
  • AUDUSD trading at 0.7350
  • EURUSD trading at 1.1597
  • GBPUSD trading at 1.2916
  • USDJPY trading at 110.5600

The US ended the session mixed as the broader market SP500 hovered below all time highs. The DOW closed down 88.69 points or 0.34% with the SP500 down 0.04% while the Nasdaq closed up 0.38%. FOMC minutes showed that Fed Officials discussed raising rates earlier to fight strength in the economy but were concerned for global trade and the affect the dispute may have on businesses and households. The Fed is still expected to raise rates next month. The DOW was doing okay until before the release of the minutes when it gave up gains into the close. In Europe major indexes were flat for the session as traders eagerly awaited news from upcoming trade talks between the US and China starting later today in Washington.

US bond yields pushed lower as traders sought a safe haven as Trump faces fallout and political pressure as two former advisers face possible prison sentences with one saying ‘Trump told him to commit a crime’.

The USD dollar moved lower after the release of the minutes as traders see the Fed Reserve are caught between a strong economy and trade disputes. The GBP was higher along with the EUR which continued higher on the back of easing fears of a currency crisis in Turkey and as sellers locked in some gains. The AUD gave up some ground on political issues even on a weaker USD and stronger commodity index.

Gold continued to edge higher as the USD found weakness and buyers looked for a safe haven asset. Copper also continued to gain as long term sellers locked in gains ahead of trade talks. Oil had a good night to close up nearly 3.5% on the futures as crude inventories in the US came out surprisingly a lot lower than expectations.

Cryptocurrencies are still edging lower (by crypto standards) as Bitcoin trades at $6345.6 down 1.57% while Ethereum is at $268.48 down 3.08% and Ripple trading at $0.31738 down 4.19%.

Locally, buyers were again on edge as the Index continued to nosedive on the back of political concerns. Turnbull’s shaky grip on power weighed on financials and may keep away foreign investors. Buyers managed to defend the 6250 zone and push the market up off the lows into the close. A few surprise movers today in the way of TPM thanks to deal talks with Vodafone and ALU from strong results after the bell the previous session. Declining stocks outnumbered rising ones by 687 to 546 and 356 ended unchanged.

The ASX200 is expected to open up 15/20 points after the SPI200 found some buyers overnight. It may be supported today by energy and commodities although banks may still find some pressure.



JPY  Flash Manufacturing PMI 10:30am

EUR  French Flash Manufacturing and Services PMI 5:15pm

EUR  German Buba President Weidmann Speaks 5:30pm

EUR  German Flash Manufacturing and Services PMI 5:30pm

EUR  Flash Manufacturing and Services PMI 6pm

EUR  ECB Monetary Policy Meeting Accounts 9:30pm

USD  Unemployment Claims 10:30pm

USD  Flash Manufacturing and Services PMI 11:45pm