Good morning team, Chris Conway your Chief Market and Trading Strategist here with your First Look.
SPI futures are pointing to a flat start later this morning, with little movement overnight as US markets were closed.
Iron ore, copper and nickel were lower overnight. Oil was steady. Gold edged higher after North Korea’s latest missile test.
What’s on today:
Local data: AiG Performance of Services Index June
Overseas data: China Caixin Services PMI June; Japan Nikkei Services PMI June; Euro zone Markit Services PMI June, Retail Sales May; UK Markit Services PMI June; US Factory Orders May, Durable Goods Orders May, FOMC June Meeting Minutes
SPI futures up 4 points to 5736
AUD -0.7% to 76.03 US cents (Overnight low 75.91)
Wall St closed for July 4th holiday
In Europe, Stoxx 50 -0.4%, FTSE -0.3%, CAC -0.4%, DAX -0.3%
Spot gold +0.3% to $US1223.23 an ounce
Brent crude -0.1% to $US
Iron ore -1.7% to $US63.23 a tonne
Dalian iron ore flat at 478 yuan
Steam coal +2.1% to $US81.15, Met coal +0.0% to $US155.00
LME aluminium +$US1 at $US1928 a tonne
LME copper -0.6% to $US5892 a tonne
10-year bond yield: US 2.35%, Germany 0.47%, Australia 2.62%
What happened overnight: