Good morning team, Chris Conway your Chief Market and Trading Strategist here with your First Look.
SPI futures are pointing to a 30-point pop on the open, after US markets pushed higher on Friday night.
The Dow powered higher for an eighth consecutive session as more positive economic news strengthened the US Federal Reserve’s bias toward tighter monetary policy and the Trump administration revived chatter about tax reform.
Total non-farm payroll employment increased by 209,000 in July, and the unemployment rate was little changed at 4.3 per cent, the US Bureau of Labor Statistics reported late on Friday. Employment growth has averaged 184,000 per month thus far this year, in line with the average monthly gain of 187,000 in 2016.
What’s on today:
Local data: AiG performance of construction July, ANZ job ads July
Overseas data: China second quarter current account; German industrial production June; US consumer credit June; Fed speaker: Kashkari
SPI futures up 29 points (+0.5%) to 5689
AUD -0.3% to 79.29 US cents
On Wall St, Dow +0.3%, S&P 500 +0.2%, Nasdaq +0.2%
In New York, BHP +1%, Rio +1.4%
In Europe, Stoxx 50 +1.2%, FTSE +0.5%, CAC +1.4%, DAX +1.2%
Spot gold -0.7% to $US1259.20 an ounce
Brent crude +0.7% to $US52.37 a barrel
US oil +1% to $US49.53 a barrel
Iron ore +1.6% to $US74.12 a tonne
Dalian iron ore +2.7% to 563 yuan
LME aluminium -0.3% to $US1910.50 a tonne
LME copper +0.3% to $US6372 a tonne
10-year bond yield: US 2.26%, Germany 0.46%, Australia 2.62%
What happened overnight: