Good morning team, Chris Conway your Chief Market and Trading Strategist here with your First Look.
SPI futures are pointing to a slight fall on the open, after US markets closed little changed overnight.
US traders pushed both the S&P 500 and Nasdaq to record highs even as Donald Trump’s pro-growth agenda took another hit. The S&P 500 managed to eke out a slight advance ahead of the close, while Nasdaq was powered higher by a surge in Netflix.
However, the failed Republican effort to revamp health care knocked both the US dollar and US Treasuries. Wall Street also felt pressure from weak results from Goldman Sachs and Bank of America, which extended the disappointment with America’s top banks.
What’s on today:
Local data: WBC leading index June, RBA’s Heath to speak
Overseas data: US housing starts June, Building permits June
*Australian June labour force report, and policy meetings at the ECB and Bank of Japan on Thursday
SPI futures down 8 points or 0.1% to 5623
AUD +1.6% to 79.23 US cents (Overnight range: 0.7786 – 0.7943)
On Wall St, Dow -0.3%, S&P 500 +0.1%, Nasdaq +0.5%
In New York, BHP -0.5%, Rio +0.1%
In Europe, Stoxx 50 -1.1%, FTSE -0.2%, CAC -1.1%, DAX -1.3%
Spot gold +0.8% to $US1243.34 an ounce
Brent crude +0.7% to $US48.77 a barrel
Iron ore +3% to $US68.84 a tonne
Dalian iron ore +3.1% to 529 yuan
Steam coal +1.5% to $US85.55, Met coal +0.9% to $US165.00
LME aluminium +0.6% to $US1931 a tonne
LME copper +0.2% to $US6007 a tonne
10-year bond yield: US 2.26%, Germany 0.55%, Australia 2.74%
What happened overnight: