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 fall on the open, despite US markets pushing higher overnight.
Commodities were mostly weaker, including crude oil and iron ore.
What’s on today:
Local data: Trade account release
Capital Economics’ Kate Hickie said: “We estimate that Australia’s trade surplus fell in April as the disruption to transport links caused by Cyclone Debbie meant that coal exports struggled. We expect a fall from $3.1bn to $1.5bn in April.”
Overseas data: China trade balance
SPI futures down 9 points, at 5655
AUD 0.53% to US75.46c
On Wall St, Dow up 0.19%, S&P500 up 0.15%, Nasdaq up 0.23%
In New York, BHP down 0.95%, Rio up 0.32%
In Europe, Stoxx 50 down 0.15%, FTSE100 down 0.62%, CAC down 0.07%, DAX down 0.14%
Spot gold down 0.65% at $US1,286.04.
Brent crude down 3.75% at $48.24.
Iron ore down 1.1% to $US55.43
10-year bond yield: US 2.17%, Germany 2.69%, Australia 2.38%
- SMX AU: SMS Management & Technology New Neutral at UBS, PT A$1.40
- CTX AU: Caltex Australia cut to Underweight at Morgan Stanley, PT A$27
- CSL AU: CSL Raised to Buy at UBS, PT A$145
- GMG AU: Goodman Group Cut to Underweight at JPMorgan, PT A$7.80
- KGN AU: Kogan New Buy at APP Securities, PT A$1.75
- MSB AU: Mesoblast New Overweight at Cantor, PT $20
- MYO AU: MYOB cut to hold vs buy at Wilsons
- SKT NZ: Sky Network TV Raised to Neutral at First NZ Capital, PT NZ$3.55
- WBC AU: Westpac Raised to Buy at Shaw and Partners, PT A$32.77
What happened overnight: