Good morning team, Chris Conway your Chief Market and Trading Strategist here with your First Look.
Synthetic SPI futures are pointing to a circa 15-point pop on the open this morning, with traders seemingly prepared to push the market higher amid expectations Hurricane Irma will create economic activity.
On Friday night US markets closed little changed and mixed.
What’s on today:
No local data. Overseas data: Japan machine orders July
On Tuesday, NAB business survey May; on Wednesday, WBC-MI consumer confidence September; on Thursday, MI inflation expectations September, Labour force August.
The key overseas events this week are set for Thursday: China retail sales August-industrial production July-fixed asset investment July; Bank of England policy meeting; and, the August CPI report for the US.
Synthetic SPI futures up 15 points, to 5684
AUD +0.2% to 80.60 US cents
On Wall St: Dow +0.1%, S&P 500 -0.2%, Nasdaq -0.6%
In New York, BHP -2.6%, Rio -2.5%
In Europe: Stoxx 50 flat, FTSE -0.3%, CAC flat, DAX +0.1%
Spot gold -0.2% to $US1346.59 an ounce
Brent crude -1.4% to $US53.71 a barrel
US oil -3.1% to $US47.56 a barrel
Iron ore -1.7% to $US74.36 a tonne
Dalian iron ore -4% to 524 yuan
LME aluminium bid down 0.6% to $US2095 a tonne
LME copper bid down 1.4% to $US6800 a tonne
10-year bond yield: US 2.05%, Germany 0.31%, Australia 2.57%
What happened overnight: