Good morning team, Chris Conway your Head of Research here with your First Look.
The Aussie market is poised to extend yesterday’s losses today, after Wall Street fell sharply overnight.
A few minutes from the close, the Dow is down around 120 points, whilst the S&P 500 is off 0.6%.
At one point in the overnight session, the Dow was down 200 points.
The losses come amid concerns and uncertainty surrounding President Trump’s travel restrictions for seven mostly Muslim nations.
Airline stocks tumbled. Oil slid amid signs US shale producers are poised to ramp output.
The only silver lining is that yesterday was a weak day for the Aussie market, and a lot of the losses might already be priced in.
- SPI down 10 points at 5579
- AUD at US75.48¢
- Dow Jones -0.6%; S&P500 -0.6%; Nasdaq -0.7%
- FTSE100 -0.9%, CAC -1.1%, DAX -1.1%
- Spot gold +0.3% at $US1194.53 an ounce
- Brent oil -0.3% at $US55.38 a barrel
- Iron ore flat at $US83.34 a tonne
Local data: NAB business survey, Private sector credit December, NZ building permits December
Overseas data: Bank of Japan policy meeting, Japan industrial output December; Euro zone unemployment rate December, fourth quarter GDP; US employment cost index, S&P CoreLogic house prices November, Chicago PMI January, Conference Board consumer confidence January
What happened overnight?