To the scoreboard:
- Dow: 24,715.09 +1.11 (+0.00%)
- S&P 500: 2,712.97 -7.16 (-0.26%)
- AUD/USD: 0.7526 +0.0015 (+0.20%)
- ASX200 SPI futures (June contracts): 6,066 (-30)
1. Global stocks fell to end the week and ASX traders have marked the local index 30 points lower this morning. But Asian markets may get a boost from news over the weekend that the US-China trade war is “on hold“.
2. That’s helped the Aussie dollar find some buyers in early trade this morning. Elsewhere, the US dollar index pushed higher on Friday and the euro fell. Weekly data from the CFTC leveraged funds are still holding an abundance of net-long positions in the euro.
3. Italian markets had the worst of it on Friday night, amid policy concerns following the establishment of a populist ruling coalition. Stocks in Milan tanked and Italian 10-year government bond yields rose to a seven-month high.
4. Amid more of a risk-off tone in global markets, US government bond yields edged lower while US stocks capped their worst week since early April. So far, data shows that US companies have used excess capital stemming from the Trump tax cuts to return money to shareholders via dividends and buybacks.
5. In commodities, oil prices met resistance to end the week, with some analysts suggesting higher prices may start to weigh on demand. And iron ore posted its first back-to-back decline in two weeks.
6. Looking ahead, it’s a quieter schedule of key data and events this week. The ABS has construction figures for the March quarter on Wednesday and there’s also manufacturing PMIs for Japan, Europe and the US. The full calendar is here.
Have a great week.
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