Good morning team, Chris Conway your Chief Market and Trading Strategist here with your First Look.
The Aussie market is poised to open slightly higher later this morning, after US markets ended mixed on Friday night.
SPI futures are up 10 points, at 5822.
Potentially impacting the market today will be fresh April data from China: retail sales, industrial production and fixed asset investment.
The pace of growth in China is decelerating and the focus is on the pace per se. Chinese officials, including the central bank, are working hard to maintain financial stability.
Iron ore, oil and base metals were steadier over the weekend. The yield on the US 10-year Treasury note fell to 2.32 per cent after the latest US consumer price data reinforced expectations that the US central bank will lift rates for the second time this year when policymakers meet next month.
What’s on today:
Local data: March housing finance; NZ first quarter retail sales volumes
Overseas data: China April retail sales, April industrial production, April fixed asset investment; US NY Empire May manufacturing, NAHB May housing market index
Chinese President Xi Jinping is hosting several world leaders (Russia’s Putin, Italy’s Gentiloni, and Turkey’s Erdogan) from Sunday to promote China’s “Belt and Road” Initiative.
SPI futures up 10 to 5822
AUD +0.2% to US73.88¢
On Wall St, Dow -0.1%, S&P 500 -0.2%, Nasdaq +0.1%
In New York, BHP +0.1%, Rio -0.2%
In Europe, Stoxx 50 +0.4%, FTSE +0.7%, CAC +0.4%, DAX +0.5%
Spot gold +0.3% to $US1228.43 an ounce
Brent crude +0.2% to $US50.86 a barrel
Iron ore + $1 to $US61.38 a tonne
Dalian iron ore flat at 453 yuan
LME aluminium +0.9% to $US1891 a tonne
LME copper +0.3% to $US5559 a tonne
10-year bond yield: US 2.33%, Germany 0.39%, Australia 2.63%
What happened overnight?