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 after US markets slipped overnight but commodities firmed; iron ore, oil, gold and base metals all were higher overnight.
The US listed shares of both BHP and Rio were at least 1.5% higher in late trade in New York.
Volumes on Wall Street were weaker than usual, ahead of the Thanksgiving Day holiday tonight and abbreviated session tomorrow night.
What’s on today:
Local data: NZ third quarter retail sales volumes
Overseas data: ECB account of October 26th policy meeting; German third quarter GDP final, Markit manufacturing PMI November, Markit services PMI November
SPI futures up three points, to 6005
AUD +0.4% to 76.11 US cents
On Wall St: Dow -0.2%, S&P 500 flat, Nasdaq +0.1%
In New York, BHP +1.5% Rio +2%
US markets will be closed tomorrow for Thanksgiving
In Europe: Stoxx 50 -0.5%, FTSE +0.1%, CAC -0.3%, DAX -1.2%
Japanese markets will be closed today for a holiday
Spot gold +0.8% to $US1291.10 an ounce
Brent crude +0.6% to $US62.96 a barrel
US oil +1.6% to $US57.71 a barrel
Iron ore + 4.3% to $US65.17 a tonne
Dalian iron ore +3.2% to 508 yuan
Steam coal +0.3% to $US96.20, Met coal +1.5% to $US190.20
LME aluminium +1.2% to $US2107 a tonne
LME copper +0.7% to $US6954 a tonne
10-year bond yield: US 2.33%, Germany 0.35%, Australia 2.52%
What happened overnight: