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 pop on the open this morning, after Wall Street closed mixed over the weekend.
The Aussie dollar topped US76¢ amid greenback weakness. The spot price of iron ore rose 0.9% to $US55.75 a tonne. Base metals mixed.
What’s on today:
Local data: RBA governor Lowe speaks on a panel, NSW state budget, New motor vehicle sales May
The most important event this week, according to Capital Economics, is the Reserve Bank of New Zealand’s policy meeting on Wednesday. “The RBNZ will almost certainly leave interest rates at 1.75 per cent and continue to suggest that it is not going to hike rates until sometime in late 2019.”
Overseas data: China property prices May; Japan May trade balance
Face-to-face negotiations between the UK and the EU are due to begin on Monday, when Brexit Secretary David Davis meets with the EU’s chief negotiator Michel Barnier.
SPI futures up 10 points or 0.2% to 5724
AUD +0.5% to 76.16 US cents
On Wall St, Dow +0.1%, S&P 500 flat, Nasdaq -0.2%
In New York, BHP +0.5%; Rio -0.1%
On the Dow, Wal-Mart -4.7%, Nike -3.4%, Apple -1.4%
In Europe, Stoxx 50 +0.5%, FTSE +0.6%, CAC +0.9%, DAX +0.5%
Spot gold flat at $US1253.73 an ounce
Brent crude +0.8% to $US47.30 a barrel
Iron ore +0.9% to $US55.75 a tonne
Dalian iron ore +0.2% to 431 yuan
Comex copper +0.2% to $US257.00 a pound
10-year bond yield: US 2.15%; Germany 0.27%; Australia 2.40%
What happened overnight: