Good morning team, Chris Conway your Chief Market and Trading Strategist here with your First Look.
SPI futures are pointing a to slightly stronger start later this morning, in what is expected to be a light trading session to start the week with markets in China, the UK and the US closed for holidays.
Futures closed up seven points (+0.1%) on the weekend as equities in both Europe and on Wall Street traded in narrow ranges.
The Australian dollar was little changed as the greenback ended the week flat, with some slightly positive news on the US economy. The Commerce Department, in its second of three estimates, revised higher US economic growth for the first quarter to 1.2% annualised, from 0.7%.
The latest US data once again confirmed that the economy hit a soft spot in the first three months of the year and there remain some hurdles to clear in the current quarter, the data also bolsters the case for the Federal Reserve to lift interest rates for a second time this year when policymakers gather next month.
What’s on today:
No data scheduled for release.
Markets closed for holidays in China, the UK and the US.
SPI futures up 7 points (+0.1%) to 5763
AUD -0.1% to 74.48 US cents
On Wall St, Dow flat, S&P 500 flat, Nasdaq +0.1%
Wall Street is closed on Monday (Tuesday AEST)
In New York, BHP -1%, Rio -1%
In Europe, Stoxx 50 -0.2%, FTSE +0.4%, CAC flat, DAX -0.2%
Spot gold +0.9% to $US1266.76 an ounce
Brent crude +1.3% to $US52.15 a barrel
US oil +2% to $US49.87 a barrel
Iron ore -3.9% to $US57.91 a tonne
Dalian iron ore -0.7% to 454 yuan
LME aluminium -0.4 % to $US1952 a tonne
LME copper -1.1% to $US5657.50 a tonne
10-year bond yield: US 2.25%, Germany 0.33%, Australia 2.41%
What happened overnight: