Good morning team, Chris Conway your Chief Market and Trading Strategist here with your First Look.
SPI futures are pointing to a 25-point slump on the open, after US markets and commodities took a hit overnight.
Base metals retreated, whilst oil slipped 2%. Iron ore bucked the trend to add 1.6%.
Nickel was the big loser, off more than 5%, whilst copper dropped 2% and aluminium 1%.
What’s on today:
Local data: WBC-MI consumer confidence November, Wage price index third quarter, New motor vehicle sales October, RBA assistant governor Ellis speaks
Overseas data: Japan third quarter GDP, industrial production September; Euro zone trade balance September; UK jobless claims change October, ILO unemployment rate; US October CPI, New York Empire manufacturing November, Retail sales October
SPI futures down 25 points (-0.4%) to 5952
AUD +0.1% at 76.30 US cents
On Wall St: Dow -0.2%, S&P 500 -0.3%, Nasdaq -0.3%
In New York, BHP -2.4% Rio -2.3%
In Europe: Stoxx 50 -0.5%, FTSE flat, CAC -0.5%, DAX -0.3%
Spot gold +0.2% to $US1280.34 an ounce
Brent crude -2% to $US61.91 a barrel
US oil -2.1% to $US55.55 a barrel
Iron ore +1.6% to $US63.17 a tonne
Dalian iron ore -4.6% to 444 yuan
Steam coal +0.2% to $US97.80, met. coal +0.0% to $US187.50
LME aluminium -1.2% to $US2082 a tonne
LME copper -2% to $US6759 a tonne
10-year bond yield: US 2.37%, Germany 0.39%, Australia 2.65%
What happened overnight: