Good morning team, Chris Conway your Chief Market and Trading Strategist here with your First Look.
SPI futures are pointing to a modest, six-point gain on the open, after US markets closed higher overnight.
Gains for US stocks were driven by signs that economic growth in the world’s biggest economy is building momentum.
The latest reading on US growth – a 3% annual pace in the June quarter – renewed optimism amongst traders.
What’s on today:
Local data: HIA new home sales July, Private sector credit July, Private Capex second quarter; New Zealand ANZ business confidence August
Overseas data: China manufacturing PMI August, non manufacturing PMI AUgut; Japan industrial production July, Housing starts July; Euro zone unemployment rate July, CPI estimate August; UK GfK consumer confidence August; US Personal income and spending July, PCI inflation July, Chicago business barometer August, Pending home sales July
SPI futures up six points, to 5656
AUD -0.6% to 78.98 US cents
On Wall St, Dow +0.1%, S&P 500 +0.5%, Nasdaq +1.1%
In New York, BHP -0.4%, Rio -0.4%
In Europe, Stoxx 50 +0.5%, FTSE +0.4%, CAC +0.5%, DAX +0.5%
Spot gold -0.1% to $US1307.56 an ounce
Brent crude -2.2% to $US5086 a barrel
US oil -0.9% to $US46.01 a barrel
Iron ore -0.4% to $US76.08 a tonne
Dalian iron ore -0.4% to 550 yuan
LME aluminium -0.4% to $US2086 a tonne
LME copper -0.1% to $US6784 a tonne
10-year bond yield: US 2.13%, Germany 0.36%, Australia 2.68%
What happened overnight: