Good morning team, Chris Conway your Chief Market and Trading Strategist here with your First Look.
SPI futures are pointing to a flat start later this morning, despite US markets printing fresh record highs once again in the overnight session.
The gains came as the Federal Reserve announced that, for the first time in nine years, it would start reducing the size of its $4.5 trillion asset portfolio commencing in October.
In other news this morning, Commonwealth Bank (CBA) has announced the sale of its life insurance division, to AIA, for $3.8 billion.
What’s on today:
Local data: RBA governor Lowe speaks near midday; NZ second quarter GDP
Overseas data: Japan all industry activity index July, Bank of Japan policy decision; ECB publishes economic bulletin; US leading index August, Philly Fed business outlook September, FHFA house prices July
SPI futures up 3 points, to 5715
AUD +0.2% to 80.29 US cents
On Wall St: Dow +0.2%, S&P 500 +0.1%, Nasdaq -0.1%
In New York, BHP -0.4%, Rio -1.3%
In Europe: Stoxx 50 -0.2%, FTSE -0.1%, CAC +0.1%, DAX +0.1%
Spot gold -0.9% to $US1299.05 an ounce
Brent crude +1.9% to $US56.20 a barrel
US oil +1.9% to $US50.41 a barrel
Iron ore +1.2% to $US69.65 a tonne
Dalian iron ore -0.8% to 492 yuan
Steam coal -0.3% to $US97.95, Met coal +0.2% to $US206.50
LME aluminium +2.5% to $US2177 a tonne
LME copper -0.2% to $US6527 a tonne
10-year bond yield: US 2.27%, Germany 0.44%, Australia 2.82%
What happened overnight: