Good morning team, Chris Conway your Chief Market and Trading Strategist here with your First Look.
SPI futures are pointing to a flat start later this morning, despite US markets pushing higher overnight.
Iron ore, oil and base metals drifted lower, which will put pressure on our commodity linked plays.
What’s on today:
Local data: Building approvals June; NZ unemployment rate
Overseas data: UK Markit/CIPS construction PMI June; US ADP employment report July
SPI futures down 3 points, to 5711
AUD -0.5% to 79.67 US cents
On Wall St, Dow +0.3%, S&P 500 +0.2%. Nasdaq +0.2%
In New York, BHP -0.6%, Rio -0.6%
In Europe, Stoxx 50 +0.8%, FTSE +0.7%, CAC +0.7%, DAX +1.1%
Spot gold +0.3% to $US1272.96 an ounce
Brent crude -2.2% to $US51.55 a barrel
US oil -2.5% to $US48.94 a barrel
Iron ore -0.2% to $US73.56 a tonne
Dalian iron ore -1.3% to 542 yuan
LME aluminium -0.6% to $US1907 a tonne
LME copper -0.4% to $US6345 a tonne
10-year bond yield: US 2.25%, Germany 0.49%, Australia 2.71%
What happened overnight: