Good morning team, Chris Conway your Chief Market and Trading Strategist here with your First Look.
SPI futures are pointing to a flat start this morning, after US markets finished slightly higher at the end of a shortened session on Friday night.
Tech stocks and retailers did well on The Street, amid strong Black Friday sales, pushing the S&P to a close above 2600 for the very first time.
US oil prices hit their highest levels in more than two years amid the ongoing shutdown of a pipeline running from Canada to the United States.
WTI crude settled up 1.6%, at $US58.95 a barrel, whilst iron ore crept up 0.4% to just shy of US$68 a tonne.
What’s on today:
No local data until Thursday when third quarter private capex will be released as well as HIA October new home sales, private sector credit October and building approvals October. On Friday CoreLogic November home prices are to be released and AiG’s November performance of manufacturing report.
Overseas data: China industrial profits October; US new home sales October, Dallas Fed manufacturing activity November. Key US data will be Wednesday’s third quarter GDP and Thursday’s PCE core inflation (the Fed’s key price measure).
US Fed Watch: Neel Kashkari and William Dudley speak on Tuesday; Jerome Powell on Wednesday at his Senate nomination hearing; Janet Yellen on Thursday in her final testimony to a joint economic committee of Congress; Randal Quarles, Robert Kaplan on Friday; Kaplan and James Bullard on Saturday.
SPI futures up two point to 5996
AUD -0.1% to 76.12 US cents
On Wall St: Dow +0.1%, S&P 500 +0.2%, Nasdaq +0.3%
In New York, BHP +1% Rio +0.9%
In Europe: Stoxx 50 +0.3%, FTSE -0.1%, CAC +0.2%, DAX +0.4%
Spot gold -0.2% to $US1288.43 an ounce
Brent crude +0.5% to $US63.86 a barrel
US oil +1.6% to $US58.95 a barrel
Iron ore up 25 cents to $US67.94 a tonne
LME aluminium +0.9% to $US2132 a tonne
LME copper +0.6% to $US7002 a tonne
10-year bond yield: US 2.34%, Germany 0.36%, Australia 2.50%
US yields: 2-year 1.74%, 5-yr 2.06%, 10-yr 2.34%, 30-yr 2.76%
What happened overnight: