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 fall on the open this morning, after US markets put in a mixed performance overnight.
A technology sector rout extended to its second trading day on Monday, with the Nasdaq Composite on track for its biggest two-day loss since September. The tech selling dragged down all three major indexes, causing concerns of wider bearishness in equities.
The pound retreated as an embattled Theresa May fought to survive the fallout from the British general election.
WTI crude added 1.7% to $46.59 a barrel after Saudi Arabia and Russia sought to reassure investors that coordinated production cuts by OPEC and its partners are draining a global glut.
What’s on today:
Local data: NAB Business Confidence
Overseas data: US Federal Budget Balance, UK CPI, US PPI
SPI futures down 10 points to 5673 points.
AUD up 0.2% to US75.43¢
On Wall St, Dow down 0.4%, S&P500 down 0.2%, Nasdaq down 0.8%
In Europe, Stoxx 50 down 1.2%, FTSE100 down 0.2%, CAC40 down 1.1%, DAX down 0.9%
Spot gold down 0.03% to $US1266.3 an ounce
Brent crude up 0.4% to $US48.33 a barrel
Iron ore up 0.9% to $US54.87 a tonne