To the scoreboard:
Dow: 25,219.38 +19.01 (unchanged)
S&P 500: 2,732.22 +1.02 (unchanged)
AUD/USD: 0.7911 +0.0006 (+0.08%)
ASX200 SPI futures (March 2018 contracts): 5,867 (-36)
1. The three-day winning streak for European stocks came to an end after some disappointing earnings reports soured sentiment. With a weak global lead, ASX200 futures traders are pricing in a 36-point fall this morning which would almost totally reverse yesterday’s surprising 38-point rally.
2. It was a quiet session in currencies and bonds overnight with US markets closed for a holiday. As the week progresses, markets will be watching the results of a wave of US government bond issuance after a recent auction of US 10-year bonds saw weak demand.
3. The day ahead: In Australia there’s ANZ’s weekly consumer confidence survey this morning (9:30am AEDT). There’s also a speech by RBA assistant governor Michelle Bullock at the Responsible Lending Summit (9:15am AEDT), followed by the minutes from the RBA’s February interest rate announcement at 11:30am.
4. Cryptos had another good night and Bitcoin is back above $US11,000 this morning, with most of the recent price action being driven by traders in Japan. In other developments, it’s emerged that Poland’s central bank has been paying Youtube stars to talk down cryptocurrencies.
5. Energy stocks got a boost overnight as last week’s oil rally continued, with benchmark crude prices now back over $US65 a barrel. Copper dipped slightly and it was a relatively quiet session in other commodities, with gold still elevated near recent highs at around $1,350 an ounce.
6. BlackRock goes bullish: The equities team at the world’s biggest asset manager have gone bullish on US stocks, CNBC reports. BlackRock’s chief equity strategist Kate Moore said fundamentals remain sound and earnings will get another boost following the passage of tax-cut legislation.
Have a great day.