Good Morning, Thomas King your Senior Research Analyst here with your First Look.

SPI futures are up 12 points this morning after oil rallied overnight.

Crude inventories had their biggest one week drop for this year, which pushed oil higher.

This was helped by Iraq and Syria, along with Saudi Arabia, supporting an extension to production cuts.

What’s on today:

Local data: Reserve Bank of NZ policy meeting, NZ food price index April, Half year results from GNC, XRO NZ; AGMs for AMP, GMA, GPT

Overseas data: Bank of England policy meeting, UK industrial production March, UK trade balance March

Key numbers:

SPI futures up 12 points or 0.2% to 5883

AUD +0.2% to 73.61 US cents (Overnight range: 73.39 to 73.94)

On Wall St, Dow -0.2%, S&P 500 +0.1%, Nasdaq +0.1%

In New York, BHP +2.2%, Rio +1%

In Europe, Stoxx 50 -0.1%, FTSE +0.6%, CAC +0.1%, DAX +0.1%

Spot gold -0.2% to $US1218.59 an ounce

Brent crude +3% to $US50.19 a barrel

Spot iron ore flat at $US60.75 a tonne

Dalian iron ore -1.3% to 465 yuan

Steam coal +0.3% to $US74.10, met.coal flat at $US177.00

LME aluminium -0.3% to $US1865 a tonne

LME copper -0.2% to $US5500 a tonne

10-year bond yield: US 2.41%, Germany 0.42%, Australia 2.65%

Greece’s 10-year bond yield: 5.51%, down 113bp in the past month