Good morning team, Chris Conway your Chief Market and Trading Strategist here with your First Look.
SPI futures are poised for a flat open this morning, after Wall Street and London’s FTSE were closed overnight.
With UK markets closed for bank holiday and US markets closed for the Memorial Day holiday, there’s little overnight direction for local traders.
Central bankers were making the rounds overseas with the highlight being European Central Bank president Mario Draghi meeting with the European Parliament’s committee on economic affairs.
Draghi made it clear that while the euro zone economy is improving, there remains a need for ultra easy monetary policy.
What’s on today:
Local data: April building approvals; NZ April building permits
Overseas data: Japan April jobless rate, April retail sales; Euro zone May economic confidence, May business climate, May consumer confidence, German May CPI; US April personal income & spending, S&P CoreLogic CS house prices Mach, CB May consumer confidence, Dallas Fed May manufacturing
SPI futures unchanged at 5713
AUD -0.1% to 74.44 US cents
US markets closed for Memorial Day holiday
In Europe, Stoxx 50 flat, FTSE closed, CAC -0.1%, DAX +0.2%
Spot gold flat at $US1266.88 an ounce
Brent crude +0.1% to $US52.20 a barrel
Iron ore at +1% to $US58.50 a tonne
Dalian exchange closed for Dragon Boat holiday
LME closed for a bank holiday
Comex copper +0.2%
10-year bond yield: US 2.25%, Germany 0.29%, Australia 2.41%