Good morning team, Chris Conway your Head of Research here with your First Look.
SPI futures are pointing to a flat start, with US markets slightly stronger approaching the close.
Oil rose more than 2 per cent after data showed a surprise decline in US inventories, suggesting a global oversupply may be ending. The S&P 500 energy index jumped 0.6 per cent, led by gains in Exxon and Chevron. The sector also provided the biggest boost to the broader index.
Copper prices tumbled 3 per cent overnight – their biggest one-day fall since September 2015 – as worries about demand in top consumer China resurfaced after the country’s housing minister suggested moves were afoot to stabilise the property market, while a firm dollar reinforced negative sentiment.
What’s on today:
A little quieter day of profit results, including Automotive Holdings, Mayne Pharma, Super Retail Group, Charter Hall Group, Regis Healthcare, Billabong and NextDC.
Local data: RBA governor Philip Lowe is due to testify before the House of Representatives Standing Committee on Economics, in Sydney, at 9:30am AEDT.
- SPI flat at 5759
- AUD at US77.06¢
- Dow Jones +0.1%; S&P500 flat; Nasdaq -0.5%
- FTSE100 -0.4%, CAC -0.1%, DAX -0.4%
- Spot gold +1.0% at $US1249.75 an ounce
- Brent oil +1.2% at $US56.54 a barrel
- Iron ore -3.1% at $US91.34 a tonne
What happened overnight: