Good morning team, Chris Conway your Chief Market and Trading Strategist here with your First Look.
The Aussie market is in for another tough session today, after Wall Street slumped overnight.
SPI futures are down 58 points, at 5723.
The Dow shed more than 370 points, with selling accelerating into the close. The $A was steady. The yield on the US 10-year note dropped 11 basis points to 2.22 per cent.
What’s on today:
Local data: Consumer inflation expectations May, Labour force April
Capital Economics on the jobs report: “While we suspect that employment rose again in April, we doubt that the particularly large rise in employment in March was repeated. We are forecasting a small rise of just 10,000. Nonetheless, the unemployment rate may have dropped back to 5.8 per cent.”
Overseas data: China April property prices; Japan first quarter GDP; UK April retail sales; US Philly Fed May
SPI futures down 58 points (-1%) to 5723
AUD flat at 74.25 US cents (Overnight range: 73.80 to 74.44)
On Wall St, Dow -1.8%, S&P 500 -1.8%, Nasdaq -2.6%
In New York, BHP -1.9%, Rio -0.9%
In Europe, Stoxx 50 -1.6%, FTSE -0.3%, CAC -1.6%, DAX -1.4%
Spot gold +1.8% to $US1259.30 an ounce
Brent crude +1.1% to $US52.21 a barrel
Iron ore +1.7% to $US62.20 a tonne
Dalian iron ore +1.3% to 479 yuan
LME aluminium +0.1% to $US1924 a tonne
LME copper -0.02% to $US5610 a tonne
10-year bond yield: US 2.22%, Germany 0.37%, Australia 2.53%