The Morning Jumpstart

OVERNIGHT MARKET SNAPSHOT –

  • SPI200 overnight futures up 26 pts to 6330
  • SP500 up 0.39 pts to 2901.52
  • NASDAQ up 21.17 pts to 8109.54
  • FTSE100 down 83.61 pts to 7432.42
  • DAX30 down 130.18 pts to 12364.06
  • GOLD futures (Dec) up $1.90 to $1206.90 an ounce
  • COPPER futures (Comex Dec) down $0.054 to $2.663 a pound
  • OIL futures (Nymex Oct) down $0.34 to $69.91 a barrel
  • CRB Index up 0.15 pts to 192.96
  • AUDUSD trading at 0.7189
  • EURUSD trading at 1.1602
  • GBPUSD trading at 1.2960
  • USDJPY trading at 111.0300

 

Companies of interest reporting today on the ASX – ALY, ARD, BBX, BPH, CRM, DTS, KLR, KPC, LMG, PAA, SMN, TRY.

In the US major Indexes were relatively unchanged ahead of the Labor Day long weekend. The DOW closed down 22.10 points or 0.09% as the SP500 was up 0.01% and the Nasdaq also up 0.26%. The US and Canada failed to reach a trade agreement on NAFTA which dampened traders enthusiasm from the beginning of the week. On top of Canada trade issues, the US is set to add another $200Billion of tariffs to China imports which is keeping traders on the sidelines for now.  In Europe shares lower on continued trade issues with the US and the rest of the world.

The USD continued higher as investors sought safety in the currency after reports that US/Canada trade negotiations ended without a deal. The EUR , AUD and GBP all continued lower with the AUD leading the charge as Copper retreated. Emerging market currencies showed signs of life as Turkey and Argentina strengthened against the USD. The Turkish government said it would lower the level of withholding tax on lira bank deposits, while raising it on foreign currency deposits.

Gold was lower as the USD strength continued to take center stage. Copper continued to come under pressure on global trade issues and will continue to do so as long as nothing is resolved. Oil gave up some of the recent gains as traders locked in profits on trade issues and ahead of the long weekend to push Oil back below $70 a barrel.

Cryptocurrencies were stronger over the weekend as Bitcoin currently trades at $7301.8 up 1.37%, Ethereum at $294.45 down 0.975% and with Ripple at $0.34235 down 1.26%.

Locally, the ASX200 was down 32.3 points Friday to close out the trading week. Sellers were in control from the opening bell on fears of an escalation in US/China trade frictions. Declining stocks outnumbered rising ones by 632 to 593 and 359 ended unchanged.

The ASX200 is expected to open up 20/25 as the SPI200 bounced back from the Day sessions weakness into the close of the US session in the early hours of Saturday morning. We may see a quieter session with the NYSE closed for action tonight.

 

ECONOMIC DATA OUT TODAY (AEST) –

JPY  Final Manufacturing PMI 10:30am

AUD  Retails Sales and Company Operating Profits 11:30am

JPY  BOJ Gov Kuroda Speaks 3:40pm

EUR  Final Manufacturing PMI 6pm

GBP  Manufacturing PMI 6:30pm

USD  Bank Holdiday

EUR  German Buba President Weidmann Speaks 3:15am

 

SPI200 INTRADAY LEVELS TO WATCH –