Good morning team, Chris Conway your Chief Market and Trading Strategist here with your First Look.
SPI futures are pointing to a circa 10-point fall on the open this morning, after US markets slipped lower overnight.
The overnight action Stateside was noteworthy for the ongoing lack of a sustained pullback after a surge to record highs.
The S&P 500 has now gone 242 trading days or about 11.5 months without a 3% correction.
The last time the S&P 500 closed down more than 3% the day after making a new all-time high was in November 1991, and the index has made 474 new highs since then without a 3% drop the following day.
What’s on today:
No local data
Overseas data: China Conference Board leading index September; Euro zone Markit manufacturing PMI October, Markit services PMI October; Japan Nikkei manufacturing PMI October; US Markit manufacturing PMI October, Richmond Fed manufacturing October
SPI futures down 12 points (-0.2%) to 5863
AUD -0.2% to 78.05 US cents
On Wall St: Dow -0.2%, S&P 500 -0.4%, Nasdaq -0.6%
In New York, BHP -0.1% Rio -0.9%
In Europe: Stoxx 50 +0.1%, FTSE flat, CAC +0.3%, DAX +0.1%
Spot gold flat at $US1280.16 an ounce
Brent crude -0.6% at $US57.39 a barrel
US oil flat at $US51.86 a barrel
Iron ore -0.7% to $US62.00 a tonne
Dalian iron ore +0.2% to 460 yuan
Steam coal -0.6% to $US96.55, Met coal +0.3% to $US181.50
LME aluminium +0.1% to $US2137 a tonne
LME copper +0.8% to $US7004 a tonne
10-year bond yield: US 2.37%, Germany 0.43%, Australia 2.79%
What happened overnight: