Good morning team, Chris Conway your Chief Market and Trading Strategist here with your First Look.
SPI futures are pointing to a circa 30-point gain on the open this morning, after US markets finished higher on Friday night.
Continued optimism around the US economic outlook and corporate earnings powered the S&P 500 and Nasdaq to fresh record highs.
In the commodity space, iron ore rebounded whilst gold was also stronger. Oil slipped.
What’s on today:
No local data and a quiet week with markets shut on Friday for Australia Day. The two data prints this week are set for Wednesday: WBC leading index December and Skilled vacancies December. Across the Tasman, NZ will release fourth quarter CPI stats on Thursday.
Overseas data: Chicago Fed national activity December. As the week progresses, the key focus will be on Tuesday’s Bank of Japan policy meeting, Markit manufacturing and services data on the EU and the US on Wednesday, the ECB policy meeting on Thursday with GDP reports from the UK and the US on Friday.
SPI futures up 30 points (+0.5%) to 5980
AUD flat at 79.90 US cents
On Wall St: Dow +0.2%, S&P 500 +0.4%, Nasdaq +0.6%
In New York, BHP +0.7% Rio -0.3%
In Europe: Stoxx 50 +0.8%, FTSE +0.4%, CAC +0.6%, DAX +1.2%
Spot gold +0.4% to $US1331.86 an ounce
Brent crude -1% to $US68.61 a barrel
US oil -0.6% to $US63.57 a barrel
Iron ore +2.5% to $US76.75 a tonne
Dalian iron ore +1.5% to 545 yuan
LME aluminium -1% to $US2219 a tonne
LME copper -0.5% to $US7041 a tonne
10-year bond yield: US 2.66%, Germany 0.56%, Australia 2.86%
What happened overnight: