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
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: