Good morning team, Chris Conway your Chief Market and Trading Strategist here with your First Look.
SPI futures are pointing to a 15-point pop on the open, after US markets pushed higher again overnight.
It was a record night on Wall Street, whilst a recommendation from OPEC members to extend production caps on oil should boost energy plays.
US stocks ended up slightly, with the S&P 500 hitting a record high close, after minutes of the Federal Reserve’s latest meeting showed policymakers view a rate hike coming soon.
OPEC and its allies came one step closer to agreeing to extend their oil supply deal after a ministerial committee recommended another nine months of cuts.
The Joint Ministerial Monitoring Committee — composed of six OPEC and non-OPEC nations — agreed in Vienna to support an extension through March 2018, according to a statement on the producer group’s website. That added to the backing for another nine months of cuts from the most influential participants in the deal, including Russia, Saudi Arabia and Iraq.
Iron ore led a slump in industrial commodities after Moody’s Investors Service downgraded China’s credit rating and warned that the country’s debt position will worsen as its economic expansion slows.
Iron-ore futures on the Dalian Commodity Exchange fell as much as 5.6% to 452 yuan a metric ton, almost by the daily limit. Nickel led a broad slump among base metals, dropping as much as 2.8 perc ent to $US9,085 a ton on the London Metal Exchange.
What’s on today:
Local data: NZ Annual Budget release,
Overseas data: Swiss bank holiday, German bank holiday, French bank holiday, OPEC Meeting, US Unemployment claims
SPI futures 11pts + or 0.2 per cent, to 5785 points
AUD +0.4% US75.06¢
On Wall St, Dow Jones +0.36%, S&P 500 + 0.25% , Nasdaq Composite +0.4%
In Europe, Stoxx 50
Spot gold +0.6% $US1258 an ounce
Brent crude -0.4% $US53.92 a barrel
Iron ore -2.4% $US60.52 a tonne
What happened overnight: