|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 pop on the open this morning, after US markets rallied overnight.
The Dow was higher in a broad, modest advance, paced by 3M, Home Depot and IBM. A dearth of key data and the pending Thanksgiving break are expected to keep trading in the narrow range this week.
Commodities were mixed; oil sank along with gold, base metals were mixed and iron ore added 1.4%.
What’s on today:
Local data: RBA November board meeting minutes released at 11.30am.
Two RBA speakers: Assistant governor Bulloch at 9.30am; governor Lowe at 7.15pm, at the dinner for Australian Business Economists
Overseas data: US Chicago Fed national activity October, Existing home sales October
SPI futures up 23 points (+0.4%) to 5984
AUD -0.2% to 75.54 US cents
On Wall St: Dow +0.4%, S&P 500 +0.1%, Nasdaq flat
In New York, BHP -1% Rio flat
In Europe: Stoxx 50 +0.4%, FTSE +0.1%, CAC +0.4%, DAX +0.5%
Spot gold -1.2% to $US1277.27 an ounce
Brent crude -1.1% to $US62.03 a barrel
US oil -1% to $US56.00 a barrel
Iron ore +1.4% to $US63.47 a tonne
Dalian iron ore +1.2% to 471 yuan
LME aluminium -0.8% to $US2086 a tonne
LME copper +0.8% to $US6828 a tonne
10-year bond yield: US 2.37%, Germany 0.36%, Australia 2.54%
What happened overnight:
Morning Market Update, Updated 21st November 2017
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