Good morning team, Chris Conway your Head of Research here with your First Look.
The Aussie market is poised to open slightly weaker later this morning, with markets in wait-and-see mode ahead of US President Donald Trump’s first address to Congress and with local growth figures due later in the day.
SPI futures are down five points, at 5679.
In the US, the Dow Jones looked to have snapped a 12-session winning streak, down 15 points heading into the close.
The S&P 500 and the Nasdaq are also lower.
Markets hope to hear details on President Trump’s promised tax and infrastructure spending plans in his speech, due at 9pm Tuesday EDT (1300 Wednesday AEDT).
In local economic news today, the Australian Bureau of Statistics releases national accounts – including gross domestic product – figures for the December quarters.
No major equities news is expected.
What’s on today:
Local data: Fourth quarter GDP, AiG performance of manufacturing February, CoreLogic house prices February; NZ terms of trade fourth quarter
Capital Economics on pending GDP stats: “Data released earlier this week suggest that fourth-quarter Australian GDP growth was stronger than we had previously expected. A larger-than-anticipated rise in exports means that, after subtracting 0.2ppts from GDP growth in Q3, net trade probably added around 0.2ppts in Q4. It also appears that the rebound in public investment was stronger than we had expected. As a result, we have revised up our estimate from 0.7 per cent q/q to 1.0 per cent q/q. That said, we remain concerned about the outlook for GDP growth this year.”
Overseas data: China services and manufacturing PMIs February, Caixin manufacturing PMI February; Japan capital spending fourth quarter; Euro zone Markit manufacturing PMI February; UK Markit manufacturing PMI February, mortgage approvals January; US personal income January, personal spending January, PCE inflation January, Markit manufacturing PMI February, ISM manufacturing PMI
- SPI down five points at 5679
- AUD at US76.72¢
- Dow Jones -0.1%; S&P500 -0.3%; Nasdaq -0.6%
- FTSE100 +0.1%, CAC +0.3%, DAX +0.1%
- Spot gold -0.2% at $US1249.98 an ounce
- Brent oil -0.8% at $US55.47 a barrel
- Iron ore -1.2% at $US91.27 a tonne
What happened overnight: