Good morning team, Chris Conway your Chief Market and Trading Strategist here with your First Look.
SPI futures are pointing to a 10-point pop on the open, despite US markets finishing weaker on Friday night.
Retail sales are due out today and will no doubt be an area of focus. The market is expecting a 0.3% month over month outcome, around where the trend pace of retail sales growth has been averaging for some time.
Shares on Wall Street edged lower on Friday with both the S&P 500 and Dow paring stellar quarterly gains. Part of the weakness was attributed to New York Fed boss William Dudley struck a bit more caution than some of his colleagues on the future path of US rate hikes.
What’s on today:
Local data: AiG performance of manufacturing March, CoreLogic dwelling prices March, MI inflation March, Retail sales February, Building approvals February, ANZ job ads March, Commodity index
Overseas data: China Caixin PMI manufacturing March; Japan Tankan manufacturing data first quarter; Euro zone unemployment February; Euro zone Markit PMI manufacturing March; UK Markit PMI manufacturing March; US manufacturing ISM March, Construction spending February
Fed speakers: Dudley, Harker, Lacker (Minutes from the Fed’s March meeting will be released on Thursday Australian time. The Fed’s next policy decision is set for May 4 Australian time.)
SPI futures up 7 points or 0.1% to 5855
AUD -0.2% to 76.29 US cents
On Wall St, Dow -0.3%, S&P 500 -0.2%, Nasdaq flat
In New York, BHP -1.6%, Rio -1%
In Europe, Stoxx 50 +0.6%, FTSE -0.6%, CAC +0.7%, DAX +0.5%
In London, BHP -2.9%, Rio -2.5%
Spot gold +0.5% to $US1249.20 an ounce
Brent crude -0.3% to $US52.83 a barrel
Iron ore (Metal Bulletin) -1.7% to $US80.39 a tonne
Dalian iron ore -2.8% to 552 yuan
LME aluminium -0.5% to $US1962.50 a tonne
LME copper -2% to $US5837.50 a tonne
10-year bond yield: US 2.39%, German 0.32%, Australia 2.69%
What happened overnight: