Good morning team, Chris Conway your Chief Market and Trading Strategist here with your First Look.
SPI futures are pointing to an 18-point pop on the open this morning, after US markets and oil prices jumped overnight.
Saudi Arabia and Russia agreed to extend their current output quota accord through March 2018, causing oil to jump around 2%.;
In New York, both the S&P 500 and Nasdaq set fresh record highs. The $A is 0.3 per cent higher as commodity currencies rallied with oil.
What’s on today:
Local data: April new motor vehicle sales, RBA releases minutes from its May policy meeting
NAB trades ex-div, ORI half year results
Overseas data: Euro zone first quarter GDP, March trade balance, ZEW May expectations for the EU, ZEW May expectations for Germany, UK April CPI; US April housing starts and building permits, industrial production
SPI futures up 20 points or 0.3% to 5838
AUD +0.3% to 74.12 US cents (Overnight range: 73.85 to 74.46)
On Wall St, Dow +0.4%, S&P 500 +0.5%, Nasdaq +0.5%
In New York, BHP +1.4%, Rio +1.3%
In Europe, Stoxx 50 +0.1%, FTSE +0.3%, CAC +0.2%, DAX +0.3%
Spot gold +0.2% to $US1231.19 an ounce
Brent crude +2% to $US51.83 a barrel
US oil +2.1% to $US48.84 a barrel
Iron ore to -1% to $US60.80 a tonne
Dalian iron ore +1.3% to 460 yuan
Comex copper +0.6% to 253.90
10-year bond yield: US 2.34%, Germany 0.42%, Australia 2.58%
What happened overnight: