Good morning team, Chris Conway your Chief Market and Trading Strategist here with your First Look.
SPI futures are pointing to a 15 point slide on the open, with US markets mixed heading into the NY close.
Comments from U.S. Commerce Secretary Wilbur Ross, talking to a ‘direct threat’ from China regarding competition in high-tech goods, saw an early rally peter out.
Heading into the close however, the Dow has snuck into positive territory whilst the S&P 500 is flat.
Commodities were also stronger, with gold the standout up more than 1%. Oil added 1% and iron ore tacked on 0.3%.
What’s on today:
Local data: NZ fourth quarter CPI
Overseas data: ECB policy meeting, German GfK consumer confidence February, German IFO business climate January; US new home sales December, Leading index December, Kansas City manufacturing January
SPI futures down 15 points (-0.2%) to 5986
AUD +1% to 80.75 US cents
On Wall St: Dow +0.2%, S&P 500 flat, Nasdaq -0.4%
In New York, BHP +1.5% Rio +0.9%
In Europe: Stoxx 50 -0.8%, FTSE -1.1%, CAC 0.7%, DAX -1.1%
Spot gold +1.2% to $US1357.23 an ounce
Brent crude +0.2% to $US70.09 a barrel
US oil +1% to $US65.11 a barrel
Iron ore +0.3% to $US74.53 a tonne
Dalian iron ore +0.5% to 524 yuan
LME aluminium +0.9% to $US2250 a tonne
LME copper +3.3% to $US7150 a tonne
10-year bond yield: US 2.65%, Germany 0.58%, Australia 2.82%, NZ 2.91%
What happened overnight: