|Good morning team, Chris Conway your Chief Market and Trading Strategist here with your First Look.
SPI futures are pointing to a 10-point gain on the open, despite US markets surging to fresh, record highs.
The Dow retook the 26,000 level which it topped for the first time the previous session; it closed up more than 320 points.
Driving the positive sentiment overnight was more positive corporate talk on the impact of the Republican tax changes, whilst Apple announced that it plans to use its cash to fund a more than $US350 billion, five-year capital expenditure program in the US.
Commodities were mixed: gold and oil slightly higher whilst iron ore slipped 1.6%.
What’s on today;
Local data: Consumer inflation expectations January, Labour force December, HIA new home sales December
Overseas data: Japan industrial production November final; US housing starts December, Building permits December, Philadelphia Fed January
SPI futures up 11 points (+0.2%) to 5971
AUD +0.5% to 79.97 US cents
On Wall St: Dow +1.2%, S&P 500 +1.1%, Nasdaq +1.1%
In New York, BHP +0.7% Rio +1.1%
In Europe: Stoxx 50 -0.3%, FTSE -0.4%, CAC -0.4%, DAX -0.5%
Spot gold +0.1% to $US1339.72 an ounce
Brent crude +0.3% to $US69.36 a barrel
US oil +0.4% to $US63.98 a barrel
Iron ore -1.6% to $US74.51 a tonne
Dalian iron ore +0.7% to 533 yuan
LME aluminium +0.1% to $US2192 a tonne
LME copper -0.6% to $US7034 a tonne
10-year bond yield: US 2.56%, Canada 2.18%, Germany 0.56%, Australia 2.79%
What happened overnight:
Morning Market Update, Updated 18th January 2018
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