Good morning team, Chris Conway your Chief Market and Trading Strategist here with your First Look.
SPI future are pointing to a circa 25-point pop on the open, after US markets extended their recent rally on Friday night.
There simply seems to be no stopping the bulls Stateside; of the 18 trading days so far in 2018, as of Friday’s close, the S&P 500 has closed at new record highs thirteen times, gaining more than 6% since the start of the year, the best start to a year since 1987 when the market rose 11.3 per cent in the first 17 trading days.
Commodities were mixed, with US oil the best of the lot, up more than 1%. Gold was up slightly, whilst iron ore dipped 0.9%.
What’s on today:
Overseas data: US personal income December, Personal spending December, PCE inflation December, Dallas manufacturing activity January
SPI futures up 23 points (+0.4%) to 6019
AUD +1.1% to 81.09 US cents
On Wall St: Dow +0.9%, S&P 500 +1.2%, Nasdaq +1.3%
In New York, BHP +2.2% Rio +1% Atlassian +1.4% RedMed +1.2%
In Europe: Stoxx 50 +0.5%, FTSE +0.7%, CAC +0.9%, DAX +0.3%
Spot gold +0.1% to $US1349.12 an ounce
Brent crude -0.1% to $US70.33 a barrel
US oil +1.1% to $US66.24 a barrel
Iron ore -0.9% to $US74.40 a tonne
Dalian iron ore -0.9% to 517 yuan
LME aluminium +0.7% to $US2257 a tonne
LME copper -0.7% to $US7085 a tonne
10-year bond yield: US 2.66%, Germany 0.62%, Australia 2.84%