Good morning team, Chris Conway your Chief Market and Trading Strategist here with your First Look.
The SPI futures are pointing to a 15-point gain on the open this morning, despite US markets putting in a mixed performance overnight.
Iron ore flat – adding just US5¢ to $US63.28 a tonne. A steep drop in oil prices dragged energy shares lower and kept the Dow and S&P 500 in check, while the Nasdaq was buoyed by gains in tech stocks.
What’s on today:
Local data: Trade balance May
Overseas data: ECB account of latest policy meeting, German factory orders May; US ADP employment report, Trade balance May, Markit services PMI June, ISM non manufacturing June
Fed speaker: Powell
SPI futures up 15 points, to 5720
AUD -0.2% to 75.94 US cents
On Wall St, Dow flat, S&P 500 +0.2%, Nasdaq +0.7%
In New York, BHP +0.6%, Rio -0.7%
In Europe, Stoxx 50 flat, FTSE +0.1%, CAC +0.1%, DAX +0.1%
Spot gold +0.2% to $US1226.20 an ounce
Brent crude -3.8% to $US47.74 a barrel
US oil -4.2% to $US45.08 a barrel
Iron ore flat at $US63.28 a tonne
Dalian iron ore -1.3% to 467 yuan
Steam coal +2.3% to $US83.05, Met coal +2.6% to $US159.00
LME aluminium little changed at $US1929 a tonne
LME copper -0.9% to $US5841 a tonne
10-year bond yield: US 2.32%, Germany 0.47%, Australia 2.63%
What happened overnight: