Good morning team, Chris Conway your Chief Market and Trading Strategist here with your First Look.

SPI futures are pointing to a circa 25-point gain on the open, after US markets pushed higher overnight.

Iron ore powered through the $US70 a tonne mark overnight and momentum appears to be accelerating.

Global stocks rose overnight on earnings strength, with the S&P 500 and Nasdaq hitting records for a second straight session.

What’s on today:

Local data: NAB business confidence second quarter, Labour force June – employment change, unemployment rate, participation rate

Overseas data: Bank of Japan policy meeting; European Central Bank policy meeting; Euro zone consumer confidence July; UK retail sales June; US Philadelphia Fed July, Leading index June

Key numbers:

SPI futures up 30 points or 0.5% to 5695

AUD +0.5% to 79.54 US cents (Overnight range: 0.7909 – 0.7959)

On Wall St, Dow +0.3%, S&P 500 +0.5%, Nasdaq +0.6%

In New York, BHP +1%, Rio -0.3%

In Europe, Stoxx 50 +0.6%, FTSE +0.6%, CAC +0.8%, DAX +0.2%

Spot gold -0.1% to $US1241.59 an ounce

Brent crude +1.8% to $US49.72 a barrel

Iron ore +2% to $US70.24 a tonne

Dalian iron ore -0.6% to 524 yuan

Steam coal +0.4% to $US85.85, Met coal -1.2% to $US163.00

Comox copper -0.8%

10-year bond yield: US 2.27%, Germany 0.54%, Australia 2.72%

What happened overnight: