Good morning team, Chris Conway your Chief Market and Trading Strategist here with your First Look.
SPI futures are pointing to a 50-point wipe-out on the open, after US markets tumbled overnight.
Stocks on Wall Street plunged as Donald Trump’s political woes infected markets and rumours swirled about the professional future of his top economic adviser Gary Cohn.
The blue-chip Dow Jones fell 1.24%, the S&P 500 dropped 1.54% and the tech-centric Nasdaq plunged 1.94% by the close of trading.
A terrorist attack in Spain — which killed at least 13 people and injured more than 50 — also weighed on sentiment.
What’s on today:
No local data
Earnings schedule: Bellamy’s, Mantra Group, Primary Health Care
Overseas data: China July property prices; Euro zone current account June; US University of Michigan consumer sentiment August
SPI futures down 49 points (-0.9%) to 5697
AUD -0.3% to 78.95 US cents
On Wall St, Dow -1.2%, S&P 500 -1.5%, Nasdaq -1.9%
In New York, BHP -1.7%, Rio -2%
In Europe, Stoxx 50 -0.7%, FTSE -0.6%, CAC -0.6%, DAX -0.5%
Spot gold +0.3% to $US1286.46 an ounce
Brent crude +1.4% to $US50.99 a barrel
US oil +0.8% to $US47.13 a barrel
Iron ore +3.3% to $US72.97 a tonne
Dalian iron ore +1.1% to 551 yuan
Steam coal +0.6% to $US98.05, Met coal +0.3% to $US194.00
LME aluminium -0.9% to $US2076 a tonne
LME copper -0.6% to $US6490 a tonne
10-year bond yield: US 2.19%, Germany 0.42%, Australia 2.64%
What happened overnight: