Good morning team, Chris Conway your Chief Market and Trading Strategist here with your First Look.
SPI futures are pointing to a 20-point fall on the open after a wild night on Wall Street.
An early rally sent the Dow soaring above 26000, only to do an about face and give up more than 200 points to end sub 25800.
At the same time, most cryptocurrencies were belted, with bitcoin slumping more than 20% and Ripple tumbling 60%.
Commodities were weaker across the board, with base metals, iron ore, oil and gold all down – which will weigh on our commodities heavy market.
What’s on today:
Local data: WBC-MI consumer confidence January, Housing finance November
Overseas data: Euro zone CPI December; US industrial production December, NAHB housing index January, Fed’s Beige Book
SPI futures down 20 points (-0.3%) to 5972
AUD -0.1% to 79.58 US cents
On Wall St: Dow -0.2%, S&P 500 -0.3%, Nasdaq -0.5%
In New York, BHP -2.7% Rio -3.1%
In Europe: Stoxx 50 +0.3%, FTSE -0.2%, CAC +0.1%, DAX +0.4%
Spot gold -0.5% to $US1333.66 an ounce
Brent crude -1.5% to $US69.24 a barrel
US oil -0.9% to $US63.72 a barrel
Iron ore -1.1% to $US75.71 a tonne
Dalian iron ore -0.8% to 531.5 yuan
LME aluminium -1.7% to $US2189 a tonne
LME copper -1.8% to $US7078 a tonne
10-year bond yield: US 2.54%, Germany 0.56%, Australia 2.77%
What happened overnight: