Good morning team, Chris Conway your Chief Market and Trading Strategist Chris Conway here with your First Look.
As good as yesterday was, it’s looking like today will be equally bad – if not worse.
SPI futures are pointing to a circa 60-point slump on the open, after a rout in tech stocks dragged US markets sharply lower overnight.
The only potential saving grace is that commodities once again held up, which might mean our market doesn’t get sold off as much as it otherwise might have.
What’s on today:
Local data: Private sector credit May; New Zealand May building permits
Overseas data: China June PMI manufacturing and non manufacturing; Japan May jobless rate, National CPI May, Industrial production May, Housing starts May; UK GfK consumer confidence June, final GDP first quarter; US personal income May, personal spending May, PCE core inflation May, Chicago PMI June, University of Michigan consumer sentiment June
SPI futures down 62 points (-1.1%) to 5715
AUD +0.5% to 76.75 US cents
On Wall St, Dow -0.8%, S&P 500 -1%, Nasdaq -1.8%
In New York, BHP +0.3%, Rio +1.4%
In Europe, Stoxx 50 -1.8%, FTSE -0.5%, CAC -1.9%, DAX -1.8%
Spot gold -0.3% to $US45.31 an ounce
Brent crude flat at $US47.33 a barrel
Iron ore +3.8% to $US64.71 a tonne
Dalian iron ore +0.6% to 474 yuan
LME aluminium +1% to $US1915 a tonne
LME copper +1% to $US5940 a tonne
10-year bond yield: US 2.27%, Germany 0.45%, Australia 2.50%