Good morning team, Chris Conway your Chief Market and Trading Strategist here with your First Look.
SPI futures are pointing to a solid, 40-point pop on the open, after US markets rallied overnight.
Tech stocks got a lift Stateside, whilst central bankers in Europe, England and Canada bolstered optimism about the economic outlook.
Iron ore gained for a second session, lifting this week’s advance to near 10%, as a flood of suspected buying from Chinese steel mills helps bring to an end a rough quarter for the raw steelmaking material.
Benchmark spot ore rose 4.4% to $US62.33 a tonne on Wednesday, extending its 5.2% advance on Tuesday.
What’s on today:
Local data: HIA new home sales May, ABS job vacancies May; New Zealand ANZ business confidence June
Overseas data: Japan retail sales May; German GfK consumer confidence July, German CPI June; US first quarter annualised GDP
SPI futures up 40 points (+0.7%) to 5736
AUD +0.8% to 76.40 US cents
On Wall St, Dow +0.7%, S&P 500 +0.9%, Nasdaq +1.4%
In New York, BHP +3.1%, Rio +2.4%
In Europe, Stoxx 50 -0.1%, FTSE -0.6%, CAC -0.1%, DAX -0.2%
Spot gold +0.2% to $US1249.78 an ounce
Brent crude +1.4% to $US47.28 a barrel
Iron ore +4.4% to $US62.33 a tonne
Dalian iron ore +1.5% to 464 yuan
LME aluminium +0.7% to $US1896 a tonne
LME copper +0.4% to $US5881 a tonne
10-year bond yield: US 2.22%, Germany 0.37%, Australia 2.45%