6 things Australian traders will be talking about this morning

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Good morning.

To the scoreboard:

  • Dow: 25,964.82 -22.10 (-0.09%)
  • S&P500: 2,901.52 +0.39 (+0.01%)
  • AUD/USD: 0.7192 -0.0073 (-1.00)
  • ASX SPI futures (September contracts): 6,330 (+26)

1. Ahead of a big week of local data, traders will be watching the Aussie dollar after it fell below US72 cents on Friday night for the first time since 2016. Strength in the US dollar weighed on most major currencies, but the Aussie was hardest hit as more global trade fears weighed on risk appetite.


2. Trade tensions linger: Having secured a preliminary deal with Mexico, the US was unable to reach an agreement with Canada by week’s end. Markets are also assessing the likelihood of further US tariffs on another $US200 billion worth of Chinese goods.

3. Despite the risk-off sentiment, US stocks were little-changed in a quiet session ahead of the Labor Day holiday on Monday. And ASX futures traders have marked the local index higher, despite a soft global lead and more weakness in Chinese stocks on Friday.

4. The week ahead: A busy domestic schedule kicks off with a deluge of data today, led by July retail sales, Q2 GDP inputs and August house price data from CoreLogic. It’s a huge week of data to kick off a new month, including Q2 GDP on Wednesday. This week’s diary has everything you need to know.

5. Oil prices edged lower, as OPEC reduction reached a 2018 high despite the ongoing disruptions from the Iran sanctions. Copper prices fell for the third straight session while gold held steady at around $US1,200 an ounce. Benchmark US 10-year bond yields edged higher to 2.86%.

6. And Bitcoin consolidated its gains over the weekend to edge further above $US7,000. The head of the SFOX crypto trading exchange said Bitcoin’s relative stability this year can be attributed to institutional investors, while the CBOE exchange announced plans to launch Ether futures later this year.

Here’s a look at today’s economic calendar:

  • Australian retail sales data for July
  • Q2 GDP inputs — inventories and company profits
  • Ai Group manufacturing PMIs
  • ANZ job ads
  • CoreLogic monthly house price data for August
  • Caixin (non-government) manufacturing PMIs for China
  • August manufacturing PMIs for Japan, the UK and Europe

Have a great week.

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