Good morning team, Chris Conway your Chief Market and Trading Strategist here with your First Look.
SPI futures are pointing to a 10-point pop on the open, despite US markets being closed overnight for the Labor Day holiday and European markets sliding lower.
Trade was subdued overnight as the holiday in the US discouraged traders in Europe too, as central bankers in Australia, Canada and Europe prepare to meet.
The RBA is set to deliver its latest interest rate decision today at 2:30 pm. It is widely expected that the central bank will leave rates on hold at 1.5%.
What’s on today:
Local data: AiG performance services August; Current account second quarter, RBA board meeting at 2:30pm, RBA governor Lowe speaks at 7:10pm
Overseas data: China Caixin services PMI August; Euro zone second quarter final GDP; UK Markit services PMI August; US Fed governor Brainard speaks
SPI futures up 11 points or 0.2% to 5691
AUD -0.3% to 79.43 US cents
US markets closed for the Labor Day holiday
In Europe, Stoxx 50 -0.4%, FTSE -0.4%, CAC -0.4%, DAX -0.3%
In London, BHP +0.1%, Rio -0.6%
Spot gold +0.7% to $US1334.18 an ounce
Brent crude -0.8% to $US52.34 a barrel
US oil +0.2% to $US47.37 a barrel
Iron ore -1.3% to $US77.86 a tonne
Dalian iron ore -2.2% to 570 yuan
Steam coal +1.1% to $US96.90, Met coal +0.0% to $US207.00
LME copper +1.2% to $US6917 a tonne
10-year bond yield: US 2.17%, Germany 0.36%, Australia 2.62%
What happened overnight: