Good morning team, Chris Conway your Chief Market and Trading Strategist here with your First Look.
SPI futures are pointing to a 45-point surge on the open this morning, after US markets bounced back emphatically overnight.
The Street rebounded strongly, lifted by a rally in Wal-Mart, technology and hopes that Republicans are heading in the right direction on tax reform.
The House passed it legislation on tax reform, a key step in meeting one of Donald Trump’s campaign promises.
What’s on today:
Local data: New Zealand BusinessNZ manufacturing PMI October, PPI output third quarter
Overseas data: China property prices October; Euro zone current account September; US housing starts October, building permits September, Kansas City Fed manufacturing November
SPI futures up 41 points or 0.7% to 5992
AUD flat at 75.89 US cents
On Wall St: Dow +0.9%, S&P 500 +1%, Nasdaq +1.4%
In New York, BHP +0.2% Rio +0.4%
In Europe: Stoxx 50 +0.5%, FTSE +0.2%, CAC +0.7%, DAX +0.6%
Spot gold +0.2% to $US1280.73 an ounce
Brent crude -0.7% to $US61.46 a barrel
US oil -0.3% to $US55.18 a barrel
Iron ore -0.4% to $US61.57 a tonne
Dalian iron ore +2.1% to 463 yuan
Steam coal -0.8% to $US96.75, Met coal -0.3% to $US187.00
LME aluminium -0.2% to $US2102 a tonne
LME copper -0.5% to $US6737 a tonne
10-year bond yield: US 2.35%, Germany 0.37%, Australia 2.58%