Good morning team, Chris Conway your Chief Market and Trading Strategist here with your First Look.
SPI futures are pointing to a modest, seven point gain on the open, after US markets closed higher overnight.
A dovish Fed and more gains in both oil and iron ore could bolster local shares.
What’s on today:
Local data: Trade price indices second quarter
Overseas data: China industrial profits June; German GfK consumer confidence August; US durable goods orders June, Chicago Fed index June, Kansas City Fed manufacturing July
SPI futures flat at 5717
AUD at 80.11 US cents
On Wall St, Dow +0.5%, S&P 500 flat, Nasdaq +0.2%
In New York, BHP +1.4%, Rio +0.2%
In Europe, Stoxx 50 +0.5%, FTSE +0.2%, CAC +0.6%, DAX +0.3%
Spot gold +0.5% to $US1255.82 an ounce
Brent crude +1.5% to $US50.97
US oil +1.8% to $US48.74 a barrel
Iron ore +1.4% to $US70.43 a tonne
Dalian iron ore -0.6% to 523 yuan
Steam coal +0.5% to $US87.25, Met coal -0.6% to $US165.00
LME aluminium +0.6% to $US1942 a tonne
LME copper +1.7% to $US6330 a tonne
10-year bond yield: US 2.29%, Germany 0.56%, Australia 2.73%
What happened overnight: