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, after US markets were little changed overnight and traders await results of the UK elections.
Early results in the UK election are expected to start coming in from 8am, giving local traders two hours to take in and prepare for any upsets.
A poll conducted on Thursday night in the UK put the Conservatives on 44 percent and Labour on 36 percent, a wider lead than a week ago but one which would not give the landslide win foreseen when May called the election seven weeks ago. Market bets on how volatile the pound will be over the next 24 hours surged to their highest in a year.
What’s on today:
Local data: April home loans figures
Overseas data: UK election results, China’s May CPI and PPI
SPI futures up three points, to 5678
AUD down 0.01% to US75.45c
On Wall St, Dow up 0.08%, S&P500 down 0.02%, Nasdaq up 0.40%
In New York, BHP up 1.96%, Rio up 2.09%
In Europe, Stoxx 50 up 0.42%, FTSE100 down 0.38%, CAC down 0.02%, DAX up 0.32%
Spot gold down 0.63% at $US1,279.07.
Brent crude down 0.29% at $US47.92
10-year bond yield: US 2.19%, Germany 0.26%, Australia 2.40%
What happened overnight: