Good morning team, Chris Conway your Chief Market and Trading Strategist here with your First Look.
SPI futures are pointing to an eight-point higher open, despite US markets and iron ore sliding lower overnight.
There was little cheer on The Street, as Donald Trump seemingly created more hurdles to his pro-growth agenda at his latest rally.
What’s on today:
Local data: NZ trade balance July
Earnings scheduled for today: AAD, IFN, ALU, AWC, FLT, MYO, OZL, RSG, S32, SXL, NEC, SCG, SPO, STO, VRL, PPT, PTM
Overseas data: Japan Nikkei manufacturing PMI August; UK second quarter GDP; US existing home sales July, Kansas City Fed manufacturing August; Kansas City Fed’s annual Jackson Hole symposium begins
SPI futures up eight points (+0.1%) to 5704
AUD -0.1% to 78.99 US cents
On Wall St, Dow -0.4%, S&P 500 -0.4%, Nasdaq -0.3%
In New York, BHP +0.8%, Rio +2.5%
In Europe, Stoxx 50 -0.5%, FTSE flat, CAC -0.3%, DAX -0.5%
Spot gold +0.3% to $US1289.43 an ounce
Brent crude +1.3% to $US52.56 a barrel
US oil +1.2% to $US48.40 a barrel
Iron ore -2.3% to $US77.82 a tonne
Dalian iron ore +0.5% to 585 yuan
LME aluminium +1.1% to $US2097 a tonne
LME copper -0.2% to $US6565 a tonne
10-year bond yield: US 2.16%, Germany 0.37%, Australia 2.67%
What happened overnight: