Good morning team, Chris Conway your Chief Market and Trading Strategist here with your First Look.
SPI futures are pointing to a circa 15-point fall on the open, after US markets lost ground overnight.
Mixed quarterly earnings saw New York trade in a narrow range.
Oil fell sharply with Brent more than 3% weaker, after a report showed US gasoline supplies gained for the first time in nine weeks as crude output rose.
In London, base metals were mixed with zinc, aluminium and nickel edging higher. Copper dipped.
Iron ore recovered some of its recently lost ground, adding 2.2% to $US64.20 a tonne.
What’s on today:
Local data: NAB first quarter business confidence; NZ first quarter CPI
Overseas data: Japan trade balance March; Euro zone April consumer confidence; US Philadelphia Fed business outlook April
SPI futures down 13 points (-0.2%) to 5784
AUD -0.9% to 74.94 US cents (Overnight peak: 75.63)
On Wall St, Dow -0.6%, S&P 500 -0.2%, Nasdaq +0.2%
In New York, BHP -0.4%, Rio -0.3%
In Europe, Stoxx 50 +0.3%, FTSE -0.5%, CAC +0.3%, DAX +0.1%
Spot gold -0.7% to $US1280.95 an ounce
Brent crude -3.2% to $US53.15 a barrel
Iron ore (Metal Bulletin) +2.2% to $US64.60 a tonne
Dalian iron ore +1.7% to 482 yuan
LME aluminium +0.6% to $US1903 a tonne
LME copper -0.3% to $US5556 a tonne
10-year bond yield: US 2.21%, Germany 0.20%, Australia 2.45%
What happened overnight: