Good morning team, Chris Conway your Chief Market and Trading Strategist here with your First Look.
SPI futures are pointing to a circa 10-point retreat on the open, after a quiet night on global markets overnight.
With US markets closed for the Martin Luther King Jr holiday the action was muted, whilst in Europe stocks drifted lower in listless fashion.
In the commodities space gold and oil eked out gains, whilst iron ore was the big mover, down 2%.
What’s on today:
Local data: New motor vehicle sales December
Overseas data: German CPI December, UK CPI December; US New York Empire manufacturing January
SPI futures down 12 points or 0.2% to 6014
AUD +0.7% to 79.71 US cents
US markets shut for Martin Luther King Jr day
In Europe: Stoxx 50 flat, FTSE -0.1%, CAC -0.1%, DAX -0.3%
Spot gold +0.2% to $US1340.78 an ounce
Brent crude +0.5% to $US70.21 a barrel
US oil +0.8% to $US64.81 a barrel
Iron ore down 1.9% to $US76.59 a tonne
Dalian iron ore flat at 538 yuan
LME aluminium +0.6% to $US2227 a tonne
LME copper +1.4% to $US7210 a tonne
10-year bond yield: US 2.55%, Germany 0.58%, Australia 2.77%
What happened overnight: