Good morning team, Chris Conway your Chief Market and Trading Strategist here with your First Look.
SPI futures are pointing to a flat to slightly weaker start later this morning, after international markets drifted lower overnight.
Base metals and oil also finished weaker, whilst iron ore was unchanged.
Positive sentiment appears to have evaporated ahead of manufacturing data in China and Japan later today and as traders position in advance of the European Central Bank’s policy meeting next week.
What’s on today:
Local data: April private sector credit; New Zealand ANZ May business confidence
Overseas data: China May manufacturing PMI, non manufacturing PMI; Japan April industrial production, housing starts; Euro zone April unemployment rate; UK GfK May consumer confidence; US Chicago May PMI, April pending home sales, Fed Beige Book
SPI futures down two points to 5720
AUD +0.4% to 74.66 US cents
On Wall St, Dow -0.2%, S&P 500 -0.1%, Nasdaq -0.1%
In New York, BHP +0.4%, Rio +0.8%
In Europe, Stoxx 50 -0.5%, FTSE -0.3%, CAC -0.5%, DAX -0.2%
Spot gold -0.4% to $US1262.95 an ounce
Brent crude -0.9% to $US51.82 a barrel
Iron ore unchanged at $US58.50 a tonne
Dalian exchange closed
LME aluminium -1.3% to $US1926 a tonne
LME copper little changed at $US5656 a tonne
10-year bond yield: US 2.21%, Germany 0.29%, Australia 2.39%
What happened overnight: