Good morning team, Chris Conway your Chief Market and Trading Strategist here with your First Look.
SPI futures are pointing to a flat start this morning, after US markets rallied back from early weakness overnight.
At one point the Dow was down more than 100 points but moved well off the lows to end just a handful of points lower.
The early weakness was caused by China saying that it could slow or halt buying of US government bonds. As the biggest owner of US Treasuries, any decision by China is taken seriously.
What’s on today:
Local data: Retail sales November; NZ QV house prices December, ANZ job ads December
Overseas data: Euro zone industrial production November; US PPI final demand December
SPI futures down three points, to 6043
AUD +0.2% to 78.36 US cents
On Wall St: Dow -0.1%, S&P 500 -0.2%, Nasdaq -0.3%
In New York, BHP flat, Rio +0.6%
In Europe: Stoxx 50 -0.4%, FTSE +0.2%, CAC -0.4%, DAX -0.8%
Spot gold +0.5% to $US1318.79 an ounce
Brent crude +0.2% to $US68.92 a barrel
US oil +0.6% to $US63.33 a barrel
Iron ore -0.2% to $US78.16 a tonne
Dalian iron ore -0.1% to 557.5 yuan
LME aluminium +1.4% to $US2182 a tonne
LME copper +0.7% to $US7153 a tonne
10-year bond yield: US 2.55%, Germany 0.54%, Australia 2.72%
What happened overnight: