Good morning team, Chris Conway your Chief Market and Trading Strategist here with your First Look.
SPI futures are pointing to a 10-point gain on the open, after US markets and key commodities pushed higher overnight.
Base metals, paced by zinc and nickel, extended gains on news China has begun a crackdown on its steel sector. China steel futures surged more than 6 per cent. The spot price of iron ore lifted 0.8 per cent to $US63.19 a tonne.
What’s on today:
No local data: RBA’s Debelle speaks in Basel
WPL investor briefing
Overseas data: German IFO May business climate; US new home sales April, Richmond Fed May manufacturing, the Trump administration will release its budget request
Fed speakers: Evans, Harker, Kashkari,
SPI futures up 10 points, to 5791
AUD +0.2% to 74.76 US cents
On Wall St, Dow +0.4%, S&P 500 +0.5%, Nasdaq +0.8%
In New York, BHP +0.3%, Rio +1.8%
In Europe, Stoxx 50 -0.3%, FTSE +0.3%, CAC flat, DAX -0.2%
Spot gold +0.5% to $US1262.00 an ounce
Brent crude +0.6% to $US53.91 a barrel
US oil +0.9% to $US50.77 a barrel
Iron ore +0.8% to $US63.19 a tonne
Dalian iron ore +0.2% to 496 yuan
LME aluminium -0.3% to $US1938 a tonne
LME copper -0.4% to $US5703 a tonne
10-year bond yield: US 2.25%, Germany 0.39%, Australia 2.48%
What happened overnight: