Good morning team, Chris Conway your Chief Market and Trading Strategist here with your First Look.
The Aussie market is poised to open higher later this morning, as base metals and iron ore rallied overnight, while oil steadied after last week’s rout.
SPI futures are up 19 points, 5778.
The Australian dollar last traded at US75.77¢. The yield on the US 10-year note reached 2.61 per cent.
US central bank policymakers are preparing for the start of their two-day scheduled meeting tomorrow with a rate increase announcement fully priced in for Thursday Australian time.
Base metals bounced overnight with copper lifting 1.2%. Iron ore advanced 1.8%.
What’s on today:
Local data: NAB business conditions, NAB business confidence; NZ Westpac consumer confidence
Trading Ex-Div: AMA, ASB, CCP, INM, NWS, SIQ, TGR
Overseas data: China retail sales February, Fixed assets February, Industrial production February; Euro zone industrial production; German CPI, German ZEW survey; US NFIB small business index, US producer price index; Canada national house price inflation February
- SPI up 19 points at 5778
- AUD at US75.81¢
- Dow Jones -0.1%; S&P500 flat; Nasdaq +0.2%
- FTSE100 +0.3%, CAC +0.1%, DAX +0.2%
- Spot gold flat at $US1204.33 an ounce
- Brent oil -0.1% at $US51.34 a barrel
- Iron ore +1.8% at $US88.26 a tonne
What happened overnight: