|Good morning team, Chris Conway your Chief Market and Trading Strategist here with your First Look.
SPI futures are pointing to a modest, five-point gain on the open, despite US markets surging higher overnight.
The Dow jumped more than 350 points at one point before paring some of that advance, easily clearing the 24000 as banks extended gains and techs rebounded.
The catalyst for the Dow’s rally was a statement from US Senator John McCain that he plans to vote for the Republican tax plan.
This is significant because he has previously thwarted efforts to overhaul former President Barack Obama’s signature healthcare legislation.
What’s on today:
Local data: AiG peformance of manufacturing November, CoreLogic house prices November; NZ QV house prices November, Terms of trade third quarter
Overseas data: China Caixin manufacturing PMI November, Caixin services PMI November; Japan jobless rate October, national CPI October, capital spending third quarter, Nikkei manufacturing PMI November; UK Markit manufacturing PMI November: US Markit manufacturing PMI November
SPI futures up eight points (+0.1%) to 5994
AUD -0.1% to 75.62 US cents
On Wall St: Dow +1.2%, S&P 500 +0.7%, Nasdaq +0.6%
In New York, BHP +0.1% Rio -0.1%
In Europe: Stoxx 50 -0.6%, FTSE -0.9%, CAC -0.5%, DAX -0.3%
Spot gold -1% to $US1271.29 an ounce
Brent crude +0.4% to $US63.33 a barrel
US oil -0.5% to $US57.04 a barrel
Iron ore +0.3% to $US68.13 a tonne
Dalian iron ore +1.3% to 522.5 yuan
LME aluminium -1% to $US2048 a tonne
LME copper flat at $US6762 a tonne
10-year bond yield: US 2.43%, Germany 0.36%, Australia 2.49%
US yields: 2yr 1.79%, 5yr 2.15%, 10yr 2.43%, 30yr 2.86%
What happened overnight:
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