Good morning team, Chris Conway your Chief Market and Trading Strategist here with your First Look.
SPI futures are pointing to a 25-point drop on the open, after oil prices slid overnight and Wall Street pulled back after the Fed raised interest rates.
US stocks edged lower after the Federal Reserve raised interest rates for the second time in three months.
The US central bank cited continued US economic growth and job market strength, proceeding with its first tightening cycle in more than a decade. The Fed also said it will begin cutting holdings of bonds and other securities this year.
Gold slipped and the US dollar rebounded from a 7-month low after the Fed statement.
Oil slipped to the lowest since November as weaker demand at the start of the summer driving season led to another increase in gasoline stockpiles.
What’s on today:
Local data: Employment rate
Overseas data: US Crude oil inventories, FOMC Statement, FOMC funds rate, UK Official bank rate, US unemployment
SPI futures are down 25 points, to 5752 points
AUD +0.7% to US75.88¢
On Wall St, Dow Jones +0.2%, S&P500 -0.3%, Nasdaq -0.6%
In Europe, Stoxx 50 -0.3%, FTSE100 -0.4%, CAC40 -0.4%, DAX +0.3%
Spot gold -0.6% to $US1258.35 an ounce
Brent crude -3.4% to $US47.04 a barrel
Iron ore +2% to $US54.43 a tonne
What happened overnight: