Good morning team, Chris Conway your Chief Market and Trading Strategist here with your First Look.
SPI futures are pointing to a 10-point fall on the open, after US markets close mixed overnight.
News that the sprawling US investigation into Russian meddling in the 2016 presidential election has widened with a new focus on Donald Trump’s business transactions weighed on markets.
The spot price of iron ore dropped 3.1 per cent overnight, following a retreat in steel and iron ore futures in China, which was linked to profit taking.
What’s on today:
Local data: Two RBA policy makers are scheduled to speak: Deputy governor Guy Debelle, Assistant governor Michele Bullock
New Zealand credit card spending June
No overseas data
SPI futures down 10 points (-0.2%) to 5689
AUD +0.1% to 79.61 US cents
On Wall St, Dow -0.1%, S&P 500 flat, Nasdaq +0.1%
In New York, BHP -1.5%, Rio -1.8%
In Europe, Stoxx 50 flat, FTSE +0.8%, CAC -0.3%, DAX flat
Spot gold +0.3% to $US1245.02 an ounce
Brent crude -0.5% to $US49.47 a barrel
Iron ore -3.1% to $US68.05 a tonne
Dalian iron ore -3% to 510 yuan
LME aluminium -0.2% to $US1916.50 a tonne
LME copper -0.1% to $US5958.50 a tonne
10-year bond yield: US 2.26%, Germany 0.53%, Australia 2.73%
What happened overnight: