Good morning team, Chris Conway your Chief Market and Trading Strategist here with your First Look.
SPI futures are pointing to a circa 10-point retreat on the open, after US markets pulled back a touch overnight.
Shares on The Street initially surged higher, paced by a leap in Apple amid excitement around the launch of the iPhone X model later this week.
A report by Bloomberg, that Republican tax writers are considering a five-year period for cutting the corporate tax rate to 20 per cent from 35 per cent, knocked the wind out of the rally however.
What’s on today:
Local data: HIA new home sales September, Private sector credit September; NZ building permits September, ANZ business confidence October
Overseas data: China manufacturing PMI October, non manufacturing PMI October; Japan jobless rate September, Industrial production September, Housing starts September, Bank of Japan policy meeting; Euro zone unemployment rate September, Third quarter GDP, CPI estimate October; UK GfK consumer confidence October; US S&P CoreLogic house prices August, Chicago PMI October; CB consumer confidence October
SPI futures down 10 points (-0.2%) to 5890
AUD flat at 76.76 US cents
On Wall St: Dow -0.3%, S&P 500 -0.3%, Nasdaq -0.3%
In New York, BHP +0.9% Rio +0.2%
In Europe: Stoxx 50 +0.3%, FTSE -0.2%, CAC flat, DAX +0.1%
Spot gold +0.3% to $US1276.55 an ounce
Brent crude +0.2% to $US60.54 a barrel
US oil +0.3% to $US54.05 a barrel
Iron ore -2.2% to $US58.75 a tonne
Dalian iron ore -0.7% to 425 yuan
LME aluminium -0.2% to $US2163.50 a tonne
LME copper +0.2% to $US6843 a tonne
10-year bond yield: US 2.38%, Germany 0.36%, Spain 1.48%, Australia 2.73%
What happened overnight: