Good morning team, Chris Conway your Chief Market and Trading Strategist here with your First Look.
SPI futures are pointing to a circa 15-point gain on the open, after US markets rebounded overnight.
The turn around in sentiment overnight was driven by a potential US debt limit extension deal, linked to aid to help Texas recover from Hurricane Harvey, and rising oil prices.
What’s on today:
Local data: Retail sales July, Trade july, WA state government budget
Overseas data: ECB policy meeting; Germany industrial production July; UK Halifax house prices August; US Fed speaker: Mester
SPI futures up 16 points (+0.3%) to 5691
AUD up 0.1% to 80.01 US cents
On Wall St: Dow +0.3%, S&P 500 +0.3%, Nasdaq +0.3%
In New York, BHP +1.1%, Rio +0.6%
In Europe: Stoxx 50 +0.4%, FTSE -0.3%, CAC +0.3%, DAX +0.8%
Spot gold -0.4% to $US1334.27 an ounce
Brent crude +1.3% to $US54.05 a barrel
US oil +1.1% to $US49.18 a barrel
Iron ore -2% to $US76.82 a tonne
Dalian iron ore -2.3% to 554 yuan
LME aluminium +0.4% to $US2104.50 a tonne
LME copper flat at $US6901 a tonne
10-year bond yield: US 2.10%, Germany 0.34%, Australia 2.60%
What happened overnight: