6 things Australian traders will be talking about this morning

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Good morning.

To the scoreboard:

  • Dow: 24,635.21 +219.37 (+0.90%)
  • S&P 500: 2,734.62 +29.35 (+1.08%)
  • AUD/USD: 0.7570 +0.0002 (+0.03%)
  • ASX200 SPI futures (March contracts): 6,029 (+34)

1. The S&P500 rose to end the week after a strong print for employment data. US tech stocks rose by 2.1% while markets in Europe also rebounded, with the ASX200 looking set to push back above 6,000 this morning.

2. Markets got a heads-up on the employment data from US President Trump who sent out a tweet prior to the release which sparked activity in bond markets, with US 10-years pushing back above 2.9% after falling sharply during the week amid political turmoil in Italy.

3. The US dollar also caught a bid following Trump’s tweet, but was unable to hold its gains and most major pairs rebounded off their lows. The AUD pushed back to 0.7568 US cents and is little-changed in morning trade.

4. A busy week of data in Australia starts today with April retail sales (11:30am AEST), which will give an update on the health of the Aussie consumer after the March reading missed expectations. There’s also quarterly GDP on Wednesday. The full calendar is here.

5. In commodities, gold edged lower as a risk-on approach returned to markets while iron ore continues to benefit from higher steel prices. Oil edged lower in choppy trade, as OPEC oil ministers said over the weekend that member states should continue to cooperate with the current supply-cut arrangement.

6. And bitcoin continued to push towards $US8,000 over the weekend, capping a weekly gain of 6% — although it’s still 17% lower for the month. And EOS tokens by Block.one — the company which nabbed former CBA finance chief Rob Jesudason — rose by 18% over the week following the release of an updated blockchain platform.

Have a great week.

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