Good morning team, Chris Conway your Chief Market and Trading Strategist here with your First Look.
SPI futures are pointing to a 20-point pop on the open later this morning, after iron ore futures soared overnight and US markets ground higher.
Base metals also surged, and commodity linked plays are likely to lead the charge locally; BHP was up 2.3 per cent in New York, while Rio was up 2 per cent.
Zinc, aluminium, copper, nickel and lead all advanced strongly in London with several metals rising to their highest since late 2014.
What’s on today:
Local data: RBA assistant governor Ellis speaks, Labour force July – employment change, unemployment rate, participation rate; NZ consumer confidence August, PPI outputs second quarter
Reporting today: COH, ASX, ADL, EVN, IOF, IPH, IRE, LNK, MGR, QBE, TLS, TTS, TWE, VVR, WES, WHC
Overseas data: Japan trade balance July; Euro zone trade balance June, CPI July; UK retail sales July; US Philadelphia Fed August, Industrial production July, Leading index July
SPI futures up 20 points (+0.4%) to 5762
AUD +1.4% to 79.29 US cents
On Wall St, Dow +0.1%, S&P 500 +0.1%, Nasdaq +0.2%
In New York, BHP +2.8%, Rio +2.3%
In Europe, Stoxx 50 +0.7%, FTSE +0.7%, CAC +0.7%, DAX +0.7%
Spot gold +0.8% to $US1281.53 an ounce
Brent crude -0.9% to $US50.37 a barrel
US oil -1.5% to $US46.86 a barrel
Iron ore -1% to $US72.97 a tonne
Dalian iron ore +4.4% to 548 yuan
LME aluminium + 2.2% to $US2094 a tonne
LME copper +2.4% to $US6532 a tonne
10-year bond yield: US 2.23%, Germany 0.44%, Australia 2.66%
What happened overnight: