Good morning team, Chris Conway your Chief Market and Trading Strategist here with your First Look.
With US markets closed overnight, there is not too much to report this morning.
Most commodities lifted with the spot price of iron ore extending its recent rally by surging a further 3.9%, and extending its advance this month to more than 15% despite expectations that China’s renewed effort to curb pollution levels and slower economic growth will crimp demand for the steelmaking material.
What’s on today:
Local data: NZ trade balance October
Overseas data: Japan Nikkei manufacturing PMI November; German IFO business climate November; US Markit manufacturing PMI November, Market services PMI November
SPI futures down four points (-0.1%) to 5987
AUD +0.1% to 76.25 US cents
US markets closed for Thanksgiving holiday
In Europe: Stoxx 50 +0.3%, FTSE flat, CAC +0.5%, DAX -0.1%
Spot gold -0.1% to $US1291.17 an ounce
Brent crude +0.3% to $US63.49 a barrel
US oil +0.9% to $US58.56 a barrel
Iron ore +3.9% to $US67.69 a tonne
Dalian iron ore -0.1% to 505.5 yuan
Steam coal -0.1% to $US96.10, Met coal +0.0% to $US190.25
LME aluminium +0.3% to $US2113 a tonne
LME copper +0.1% to $US6963 a tonne
10-year bond yield: US 2.32%, Germany 0.34%, Australia 2.50%
What happened overnight: