Good morning team, Chris Conway your Chief Market and Trading Strategist here with your First Look.
SPI futures are pointing to a 90-point recovery on the open this morning, after US markets bounced back overnight.
It was a wild night on The Street; it wasn’t looking good ahead of the opening bell in New York with futures down sharply and markets dropping sharply in the first five minutes of trading.
The Dow initially shed more than 560 points before staging a turnaround. 15 minutes after the open, the Dow had turned positive – leaping more than 360 points.
A near 1000 point move in the first 20 minutes of the session.
The fluctuations were mirrored in the S&P 500 and the Nasdaq. In addition, the VIX spiked before retreating – its day range 22 to 50.
What’s on today:
Local data: AiG performance of construction January: NZ unemployment rate fourth quarter, employment change fourth quarter
Overseas data: German industrial production December; US consumer credit December
SPI futures up 90 points (+1.5%) to 5853
AUD +0.1% to 78.83 US cents
On Wall St: Dow +2.2%, S&P 500 +1.9%, Nasdaq +1.9%
In Europe: Stoxx 50 -2.4%, FTSE -2.6%, CAC -2.4%, DAX -2.3%
Spot gold -1% to $US1326.27
Brent crude -0.9% to $US67.03 a barrel
US oil -0.6%
Iron ore +0.3% to $US75.92 a tonne
Dalian iron ore +0.1% to 522.5 yuan
LME aluminium -1.9% to $US2170 a tonne
LME copper -1.3% to $US7076 a tonne
10-year bond yield: US 2.79%, Germany 0.69%, Australia 2.82%
What happened overnight: