Good morning team, Chris Conway your Chief Market and Trading Strategist here with your First Look.
SPI futures are pointing to a 19-point gain on the open, after US markets pushed higher overnight.
Commodities were mixed overnight. The Australian dollar is flat at US74.73¢.
It was a relatively relatively quiet overnight session with markets trading in a narrow range in both Europe and the US.
While zinc and lead rose in London trading, copper, aluminium and nickel retreated.
The spot price of iron ore slid 1.9% to $US62.00 a tonne. Iron ore and steel futures reversed direction after surging the previous session.
Oil finished slightly higher.
What’s on today:
Local data: WBC April leading index, April skilled vacancies, First quarter construction work; NZ April trade balance
Overseas data: Japan May Nikkei manufacturing PMI; German GfK June consumer confidence, Euro zone Markit May manufacturing PMI, Euro zone Markit May services PMI; US Markit May manufacturing PMI, April existing home sales, FOMC meeting minutes May
SPI futures up 19 points, to 5787
AUD flat at 74.73 US cents (Overnight range: 74.66 – 75.17)
On Wall St, Dow +0.2%, S&P 500 +0.2%, Nasdaq flat
In Europe, Stoxx 50 +0.5%, FTSE -0.2%, CAC +0.5%, DAX +0.3%
Spot gold -0.8% to $US1251.19 an ounce
Brent crude +0.6% to $US54.18 a barrel
Iron ore -1.9% to $US62.00 a tonne
Dalian iron ore -2.7% to 478 yuan
LME aluminium -0.3% to $US1943 a tonne
LME copper -0.2% $US5714 a tonne
10-year bond yield: US 2.29%, Germany 0.41%, Australia 2.44%