Good morning team, Chris Conway your Chief Market and Trading Strategist here with your First Look.
Local shares are poised to rise at the open on another push higher overseas by mining and bank stocks.
SPI futures are up 20 points, at 5732.
Iron ore surged 6.5% on bets Chinese demand for the steelmaking raw material will remain high, though analysts are increasingly wary of a price correction. Copper edged higher in London, lifting again both Rio Tinto and BHP Billiton.
US banks advanced on hopes that the strength of the US economy and President Donald Trump’s pro-growth agenda will lead the Federal Reserve to increase interest rates at a faster than expected rate.
The greenback has regained its upward momentum, helped by a cordial call with China’s Xi Jinping last week and a cordial visit with Japan’s Shinzo Abe over the weekend.
What’s on Today?
Local data: NAB business conditions and business confidence for January; NZ food price index January
Corporate results: CGF, COH, FET, GBT, GPT, PDN, SGF, TWE
Overseas data: China CPI and PPI for January; Japan industrial production December; Euro zone industrial production December, German GDP fourth quarter, Euro zone GDP fourth quarter, EU ZEW expectations February, German ZEW expectations February; UK CPI and PPI for January
- SPI up 20 points at 5732
- AUD at US76.49¢
- Dow Jones +0.8%; S&P500 +0.7%; Nasdaq +0.6%
- FTSE100 +0.3%, CAC +1.2%, DAX +0.9%
- Spot gold -0.6% at $US1226.35 an ounce
- Brent oil -2.1% at $US55.53 a barrel
- Iron ore +6.5% at $US92.23 a tonne
What happened overnight?