Good morning team, Chris Conway your Chief Market and Trading Strategist here with your First Look.
SPI futures are pointing to a 15-point fall on the open, after US markets lost ground overnight.
Iron ore leapt more than 5% on optimism about the outlook for China’s economy.
US Fed chair Janet Yellen signals the central bank’s gradual rate rise path is intact, and the yield on US 10-year Treasury notes has surged 7 basis points to 2.20%.
What’s on today:
No local data
Overseas data: US May pending home sales
SPI futures down 15 points (-0.2%) to 5647
AUD +0.1% to 75.93
On Wall St, Dow -0.5%, S&P 500 -0.8%, Nasdaq -1.6%
In New York, BHP +1.3%, Rio +2.3%
In Europe, Stoxx 50 -0.7%, FTSE -0.2%, CAC -0.7%, DAX -0.8%
Spot gold +0.5% to $US1250.38 an ounce
Brent crude +1.8% to $US46.67 a barrel
US oil +2% to $US44.24 a barrel
Iron ore +5.2% to $US59.70 an ounce
Dalian iron ore +3.2% to 458 yuan
LME aluminium +1.1% to $US1882 a tonne
LME copper +1.1% to $US5858 a tonne
10-year bond yield: US 2.20%, Germany 0.37%, Australia 2.35%
What happened overnight: