6 things Australian traders will be talking about this morning

(Photo by Julian Finney / Getty Images)

Good morning.

To the scoreboard:

  • Dow: 26,064.02 +14.38 (+0.06%)
  • S&P 500: 2,897.52 +0.78 (+0.03%)
  • AUD/USD: 0.7336 -0.0001 (-0.01%)
  • ASX200 SPI futures (September contracts): 6,270 (-6)

1. It was a quiet night on global markets as US stocks finished flat, after the S&P 500 briefly touched 2,900 for first time amid continued optimism around the US-Mexico trade deal.

2. The US dollar edged lower, as moves on currency markets were also contained. Benchmark US 10-year bond yield rose for the second straight day to 2.88%, leaving the 2-10 yield spread at 21.5 basis points.

3. Having agreed to to resolve its key NAFTA disputes with Mexico, the US also restarted high-level talks with Canada. It comes a day after President Trump threatened to hit Canada with auto tariffs if it didn’t agree to the revised deal.

4. US trade data showed Trump’s favourite trade measure got worse in July — the first month of the trade war with China. The deficit in goods widened in July to $72.2 billion, up from $67.9 billion in June.

5. And consumer confidence in the US jumped to its highest level in nearly 18 years. The index rose to 133.4 in August from 127.9, easily beating economist expectations.

6. Meanwhile, the latest crypto rally continued into overnight trade and Bitcoin is back above $US7,000 this morning. Yesterday’s gains were led by Dash, which is making a push into Venezuela amid the collapse of the country’s fiat currency, the bolivar.

Today’s economic calendar is pretty quiet. Here’s a look at the main events:

  • HIA new home sales in Australia.
  • Consumer confidence in Japan.
  • Second reading of Q2 GDP in the US.
  • US mortgage applications and weekly oil inventory data.

Have a great day.

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