Good morning team, Chris Conway your Chief Market and Trading Strategist here with your First look.
SPI futures are pointing to a circa 20-point pop on the open this morning, after US markets finished higher on Friday night following the latest jobs report which was well received by the market.
Commodities also fared well, with gold, oil and iron ore all stronger, the latter jumping more than 5%.
It’s shaping as a big week ahead that will be dominated by central bankers here, the US, Canada and Europe – at Sweden’s Riksbank and the European Central Bank.
The US Federal Reserve is expected to lift its key fed funds target by 25 basis points this week, early on Thursday AEDT; it would be the third year in a row that the Fed has raised rates in December.
What’s on today:
No local data. On Tuesday NAB business survey, ABS house prices, lending finance; on Wednesday, RBA speeches from Lowe and Kent; on Thursday, November’s Labor force report. NZ releases its half-year fiscal update on Thursday.
Overseas data: Japan machine tool orders November. On Wednesday, the US Fed policy statement; on Thursday, ECB policy meeting. Riksbank meets on Tuesday, Bank of Canada governor speaks on Thursday. EU leaders meet for two days starting on Wednesday.
SPI futures up 20 points (+0.4%) to 6021
AUD -0.1% to 75.04 US cents
On Wall St: Dow +0.5%, S&P 500 +0.6%, Nasdaq +0.4%
In New York, BHP +0.1% Rio +0.2%
In Europe: Stoxx 50 +0.5%, FTSE +1%, CAC +0.3%, DAX +0.8%
Spot gold +0.1% to $US1248.49 an ounce
Brent crude +1.9% to $US63.40 a barrel
US oil +1.2% to $US57.36 a barrel
Iron ore +5.6% to $US69.35 a tonne
Dalian iron ore +2.6% to 511 yuan
LME aluminium +0.1% to $US2011 a tonne
LME copper +0.1% to $US6571 a tonne
What happened overnight: