|Good morning team, Chris Conway your Chief Market and Trading Strategist here with your First Look.
SPI futures are pointing to a circa 10-point gain on the open this morning, after US markets ground out another win overnight.
Wall Street bounced back from early weakness in the overnight session, thanks to a boost in technology stocks which offset weakness in financials.
There remains concern that the Republicans will struggle to get their tax bill through Congress, amid talk that they may consider delaying the corporate tax cut by a year.
The Senate could include a one-year delay in its version of the bill to make it easier to comply with the chamber’s rules that aim to limit any legislation’s impact on the US deficit.
What’s on today:
Local data: Aus housing finance, NZ Cash rate
Overseas data: China CPI, PPI, Japan current accounts, UK industrial production, UK Trade balance
SPI futures up 12 points (+0.2%) to 6010 points.
AUD +0.4% to US76.77¢
On Wall St: Dow Jones +0.1%, S&P500 +0.1%, Nasdaq +0.2%
In Europe: Stoxx 50 -0.1%, FTSE 100 +0.2%, CAC 40 -0.2%, DAX +0.02%
Spot gold +0.7% to $US1283.91 an ounce
Brent crude -0.4% to $US63.42 a barrel
Iron ore -0.6% to $US62.26 a tonne
LME aluminium -1.1% to $US2,109 a tonne
LME copper +0.4% to $US6,855 a tonne
What happened overnight:
Morning Market Update, Updated 9th November 2017
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