Good morning team, Chris Conway your Chief Market and Trading Strategist here with your First Look.
SPI futures are pointing to a healthy, 30-point start later this morning, after US markets put in a mixed performance on Friday night.
Perhaps traders, feeling that Friday’s whitewash was overdone, will be encouraged by a fresh record close for the Dow, rising overall global earnings optimism and further gains in oil.
What’s on today:
Local data: HIA new home sales June, MI inflation July, Private sector credit June; NZ building permits June, ANZ business confidence July
On Tuesday, the RBA’s board meets and the AiG performance of manufacturing July will be released as well as CoreLogic house prices July. On Wednesday, its June’s building approvals. On Thursday, AiG services July and Trade balance June. And on Friday, June’s retail sales and the RBA’s Statement on Monetary Policy.
Overseas data: China July manufacturing PMI, nonmanufacturing PMI July; Japan industrial production June, Housing starts June; Euro zone unemployment rate June; US Chicago PMI July, Pending home sales July, Dallas Fed manufacturing July
The key US report this week will be July’s nonfarm payrolls data on Friday evening AEST.
SPI futures up 30 points (+0.5%), to 5665
AUD +0.2% to 79.88 US cents
On Wall St, Dow +0.2%, S&P 500 -0.1%, Nasdaq -0.1%
In New York, BHP +0.8%, Rio +1.6%
In Europe, Stoxx 50 -0.7%, FTSE -1%, CAC -1.1%, DAX -0.4%
Spot gold +0.8% to $US1269.74 an ounce
Brent crude +2.2% to $US52.61 a barrel
US oil +1.5% to $US49.76 a barrel
Iron ore -2.1% to $US68.73 a tonne
Dalian iron ore +3% to 545 yuan
LME aluminium -1.6% to $US1907 a tonne
LME copper -0.1% to $US6325 a tonne
10-year bond yield: US 2.29%, Germany 0.54%, Australia 2.68%
What happened overnight: