Good morning team, Chris Conway your Chief Market and Trading Strategist here with your First Look.
SPI futures are pointing to a circa 30-point gain on the open, after US markets pushed higher overnight and oil rallied for an eighth consecutive session.
Trading was thin on Wall Street in a short session ahead of tomorrow’s July 4th holiday in the US.
Banks and energy shares lifted the Dow and S&P 500. The Dow touched a fresh intra-day high, advancing as much as 243 points before closing up 130.
US oil futures rose as much as 1.8% in New York, adding to an 8.3% gain the previous seven sessions. Brent, the global benchmark, is posting the longest rally since 2012.
What’s on today:
Local data: Retail sales May, RBA cash rate decision; New Zealand QSBO business survey second quarter, Global dairy auction
No overseas data
US markets will be closed on Tuesday July 4th for the Independence Day holiday
SPI futures up 32 points (+0.6%) to 5667
AUD -0.4% to 76.54 US cents
On Wall St, Dow +0.6%, S&P 500 +0.2%, Nasdaq -0.5%
Wall St closed at 1pm New York time overnight
In New York, BHP +1.7%, Rio +3.1%
In Europe, Stoxx 50 +1.5%, FTSE +0.9%, CAC +1.5%, DAX +1.2%
Spot gold -1.6% to $US1221.51 an ounce
Brent crude +1.4% to $US49.43 a barrel
Iron ore -1% to $US64.29 a tonne
Dalian iron ore +0.8% to 483 yuan
LME aluminium +0.4% to $US1927 a tonne
LME copper -0.1% to $US5930 a tonne
10-year bond yield: US 2.35%, Germany 0.47%, Australia 2.66%
US bond trading closed at 2pm New York time overnight
What happened overnight: