SPI futures are pointing to a circa 20-point gain on the open this morning, after US market ended the week on a positive note.
A strong June US payrolls report on Friday night, as well as a move higher in the spot price of iron, should see local shares supported off the open.
All three US benchmarks advanced over the weekend after the US economy added 222,000 jobs last month, more than forecast. Employment increased in health care, social assistance, financial activities, and mining.
What’s on today:
No local data
Overseas data: Japan machine orders May, current account May
The key overseas event this week will be testimony by Federal Reserve chair Janet Yellen to Congress on Wednesday and Thursday AEST.
SPI futures up 18 points (+0.3%) to 5669
AUD +0.2% to 76.02 US cents
On Wall St, Dow +0.4%, S&P 500 +0.6%, Nasdaq +1%
In New York, BHP +0.7%, Rio +0.8%
In Europe, Stoxx 50 +0.1%, FTSE +0.2%, CAC -0.1%, DAX +0.1%
Spot gold -1% to $US1212.46 an ounce
Brent crude -2.3% to $US47.00 a barrel
US oil -2.7% to $US44.33 a barrel
Iron ore +1.4% to $US62.80 a tonne
Dalian iron ore +1.1% to 478 yuan
LME aluminium -0.7% to $US1930 a tonne
LME copper -0.4% to $US5828 a tonne
10-year bond yield: US 2.39%, Germany 0.57%, Australia 2.73%
What happened overnight: