Good morning team, Chris Conway your Chief Market and Trading Strategist here with your First Look.
SPI futures are pointing to a flat start after US markets closed little changed overnight.
The spot price of iron ore advanced 1.6% to $US66.81 a tonne, and Dalian traded futures jumped 4.9% in late trading to 515 yuan.
Optimism about China’s steel sector appears to be gathering momentum.
Local data: New motor vehicle sales June, RBA July board meeting minutes; New Zealand CPI second quarter
Overseas data: China June property prices; Euro zone CPI June, ZEW expectations July, German ZEW expectations July, UK CPI June; US NAHB housing index July
SPI futures down 2 points to 5695
AUD -0.4% to 77.99 US cents
On Wall St, Dow flat, S&P 500 flat, Nasdaq flat
In New York, BHP +0.6%, Rio +0.6%
In Europe, Stoxx 50 -0.3%, FTSE +0.4%, CAC -0.1%, DAX -0.4%
Spot gold +0.5% to $US1234.71 an ounce
Brent crude -1% to $US48.43 a barrel
Iron ore +1.6% to $US66.81 a tonne
Dalian iron ore +4.9% to 515 yuan
10-year bond yield: US 2.31%, Germany 0.58%, Australia 2.73%
What happened overnight: