Good morning team, Chris Conway your Chief Market and Trading Strategist here with your First Look.

SPI futures are pointing to a modest, six -point gain on the open later this morning, despite US markets finishing weaker on Friday night.

A 3% jump in oil prices and a 3.4% gain for iron ore, will likely support our commodities-heavy market.

What’s on today:

No local data

Overseas data: US Chicago national activity index July

Reporting schedule:

Monday: HT1, BSL, BXB, BLY, BPT, FMG, NIB, GMG, GWA, IMD

Tuesday: ACX, ING, AMC, SYD, BHP, CHC, GXL, NST, MND, WSA, SVW, OSH, NXT, SXY

Wednesday: APA, CCA, HSO, IAG, ASL, ISD, QUB, SGR, VOC, WOR, WOW

Thursday: AAD, IFN, ALU, AWC, FLT, MYO, OZL, RSG, S32, SXL, NEC, SCG, SPO, STO, VRL, PPT, PTM

Friday: AHG, QAN, AWE, SGM, AGO, SAR, SUL

Key numbers:

SPI futures up 6 points to 5713

AUD +0.6% to 79.29 US cents

On Wall St, Dow -0.4%, S&P 500 -0.2%, Nasdaq -0.1%

In New York, BHP -0.2%, Rio +0.7%

In Europe, Stoxx 50 -0.5%, FTSE -0.9%, CAC -0.6%, DAX -0.3%

Spot gold -0.3% to $US1284.13 an ounce

Brent crude +3.6% to $US52.87

US oil +3.5% to $US48.73 a barrel

Iron ore +3.5% to $US77.94 a tonne

Dalian iron ore +2.2% to 571 yuan

LME aluminium -0.7% to $US2062 a tonne

LME copper bid -0.1% at $US6485 a tonne

10-year bond yield: US 2.19%, Germany 0.41%, Australia 2.62%

What happened overnight: