Good morning team, Chris Conway your Chief Market and Trading Strategist here with your First Look.
SPI futures are pointing to a flat to sligthly weaker start later this morning, despite US markets advancing overnight.
Wall Street rallied on some unexpected good earnings news from several retailers and base metals mostly advanced in London.
Oil dropped more than 5 per cent after OPEC and some other producers agreed formally to extend output cuts for nine more months, though there was disappointment that the Saudis failed in an effort to deepen the cuts.
Oil’s retreat knocked the wind out of a range of commodity currencies including the Australian dollar, the Kiwi and the Loonie. The Aussie slid 0.6%.
What’s on today:
Overseas data: China April industrial profits; Japan April national CPI; US April durable goods orders, University of Michigan May consumer sentiment
It’s a long weekend across the world for many investors. In China, there’s the Dragon Boat Festival on Monday and Tuesday. There are public holidays in much of Europe as well as in the US on Monday.
SPI futures down three points to 5792
AUD -0.6% to 74.57 US cents
On Wall St, Dow +0.3%, S&P 500 +0.4%, Nasdaq +0.7%
In New York, BHP -0.8%, Rio -0.7%
In Europe, Stoxx 50 -0.1%, FTSE flat, CAC -0.1%, DAX -0.2%
Spot gold -0.2% to $US1255.78 an ounce
Brent crude -5.1% to $US51.22 a barrel
US oil -5.2% to $US48.47 a barrel
Iron ore -0.5% to $US60.24 a tonne
Dalian iron ore -1.3% to 451 yuan
Steam coal +0.0% to $US74.45, Met coal -0.1% to $US174.15
LME aluminium +0.8% to $US1960
LME copper +0.7% to $US5723 a tonne
10-year bond yield: US 2.25%, Germany 0.36%, Australia 2.44%
What happened overnight: