Good morning team, Chris Conway your Chief Market and Trading Strategist here with your First Look.
SPI futures are pointing to a modest decline on the open, after US markets finished mixed overnight.
Retail stocks pushed higher Stateside, but this was offset by weakness in energy plays.
US oil prices marked their first decline in four sessions, pulling back from the two-year high achieved in the previous session.
Concerns about the terms of the deal between OPEC and Russia to extend oil production cuts, as well as profit taking ahead of this week’s OPEC meeting, were cited as reasons for the pullback.
What’s on today:
No local data
Overseas data: Euro zone M3 money supply October, German GfK consumer confidence December, UK third quarter GDP; US FHFA house prices September, S&P CoreLogic house prices September, CB consumer confidence November, Richmond Fed manufacturing November
SPI futures down five points (-0.1%) to 5986
AUD -0.1% to 76.07 US cents
On Wall St: Dow +0.1%, S&P 500 flat, Nasdaq -0.1%
In New York, BHP -1.7% Rio -1%
In Europe: Stoxx 50 -0.5%, FTSE -0.4%, CAC -0.6%, DAX -0.5%
Spot gold +0.5% to $US1295.16 an ounce
Brent crude -0.4% to $US63.61 a barrel
US oil -1.3% to $US58.16 a barrel
Iron ore – 1% to $US67.27 a bonne
Dalian iron ore -1.8% to 501.5 yuan
Steam coal +1.4% to $US95.05, Met coal -0.3% to $US190.00
LME aluminium +0.1% to $US2135 a tonne
LME copper -0.9% to $US6942 a tonne
10-year bond yield: US 2.33%, Germany 0.34%, Australia 2.52%
What happened overnight: