Good morning team, Chris Conway your Chief Market and Trading Strategist here with your First Look.
SPI futures are pointing to a strong, 40-point pop on the open this morning, after US markets rallied overnight.
Stateside, traders focused on upbeat economic data and welcomed incoming Federal Reserve Chairman Jerome Powell’s comments that he wouldn’t make drastic changes to central bank policy.
News that the Republican tax bill moved forward in the Senate also boosted confidence.
Commodities were mixed with gold flat, oil down slightly and iron ore adding 0.7%.
What’s on today:
No local data
Overseas data: Japan retail sales October; Euro zone economic confidence November, Business climate November, Consumer confidence November, German CPI November; US third quarter GDP final annualised, Pending home sales October, Fed Beige Book
SPI futures up 41 points (+0.7) to 6030
AUD -0.1% to 75.97 US cents
On Wall St: Dow +0.8%, S&P 500 +0.8%, Nasdaq +0.3%
In New York, BHP -0.5% Rio -0.7%
In Europe: Stoxx 50 +0.6%, FTSE +1%, CAC +0.6%, DAX +0.5%
Spot gold -0.1% to $US1293.19 an ounce
Brent crude -0.4% to $US63.60 a barrel
US oil -0.2% to $US57.97 a barrel
Iron ore up 49 cents to $US67.76 a tonne
Dalian iron ore -0.1% to 501.5 yuan
LME aluminium -1.5% to $US2102.50 a tonne
LME copper -2% to $US6805 a tonne
10-year bond yield: US 2.32%, Germany 0.34%, Australia 2.49%
What happened overnight: