Good morning, Chris Conway your Chief Market and Trading Strategist here with your First Look.
SPI futures are pointing to a strong, 40-point pop on the open later this morning, after US rallied overnight.
A slew of positive economic data from China may also help the ASX advance.
The Australian dollar firmed slightly, though it faded from an overnight peak of US76.11¢.
Shares were higher on Wall Street, though even there trading volume was thinner than normal. Still each of the three benchmarks in New York were up 0.9% on the day.
Iron ore drifted lower, yet again. The spot price slid 3.5 per cent to $US66.25 a tonne. That came as Chinese steel and iron ore futures extended their retreat as speculators repositioned on news that Chinese steel mills produced record tonnage in March, stoking fear about a supply glut.
Iron ore and steel are on track for their worst monthly performance since May last year.
What’s on today:
Local data: RBA April meeting minutes
Overseas data: China March property prices; US March housing starts, March building permits, March industrial production
SPI futures up 40 points, to 5862
AUD +0.2% to 75.87 US cents (Overnight range: 75.65 – 76.11)
On Wall St, Dow +0.9%, S&P 500 +0.9%, Nasdaq +0.9%
In New York, BHP +0.4%, Rio +0.1%
Most European markets were closed for the Easter holiday
Spot gold +0.3% to $US1289.75 an ounce
Brent crude -0.7% to $US55.52 a barrel
Iron ore (Metal Bulletin) -3.5% to $US66.25 a tonne
Dalian iron ore -2.6% to 488 yuan
The LME was closed for the Easter holiday
Copper +1% to $US259.60 a pound in New York
10-year bond yield: US 2.23%, Germany 0.18%, Australia 2.47%