Good morning team, Chris Conway your Chief Market and Trading Strategist here with your First Look.
SPI futures are pointing to a slightly weaker start later this morning, after US markets edged lower overnight.
The spot price of iron ore slid 2.5%, following a sharp selloff in Chinese iron ore and steel futures.
Traders could even be more reluctant to buy ahead of a busy day of both local and overseas data. Here there is AiG performance of manufacturing May, CoreLogic house prices May, private capex first quarter, and April retail sales.
What’s on today:
Local data: AiG performance of manufacturing May, CoreLogic house prices May, Private capex first quarter, Retail sales April; NZ terms of trade first quarter
Overseas data: China May Caixin May manufacturing PMI; Japan first quarter capital spending, Nikkei May manufacturing PMI; Euro zone Markit May manufacturing PMI, UK Markit May manufacturing PMI; US May ADP employment data, May Markit manufacturing PMI, ISM manufacturing May, April construction spending
SPI futures down seven points (-0.1%) to 5732
AUD -0.5% to 74.30 US cents
On Wall St, Dow -0.2%, S&P 500 -0.2%, Nasdaq -0.2%
In New York, BHP -2.5% Rio -2%
In Europe, Stoxx 50 -0.2%, FTSE -0.1%, CAC -0.4%, DAX +0.1%
Spot gold +0.6% to $US1270.63 an ounce
Brent crude -3% to $US50.31 a barrel
US oil -3% to $US48.15 a barrel
Iron ore -2.5% to $US57.02 a tonne
Dalian iron ore -3.2% to 425 yuan
LME aluminium +0.2% to $US1929 a tonne
LME copper +0.4% to $US5681 a tonne
10-year bond yield: US 2.21%, Germany 0.3%, Australia 2.38%
What happened overnight: