6 things Australian traders will be talking about this morning

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Good morning.

To the scoreboard:

Dow: 24,746.28 -8.47 (-0.03%)
S&P 500: 2,681.98 +0.51 (+0.02%)
AUD/USD: 0.7664 +0.0002 (+0.03%)
ASX200 SPI futures (March 2018 contracts): 6,016 (-21)

1. Bond winds blowing: Yields on benchmark US 10-year bonds climbed to 2.49% overnight — the highest level since March — and the selloff extended to major markets in Europe and Asia.

2. Stocks temper gains: The Republican tax cut bill is now officially law, but the good news looks to be largely priced into stocks for now as the S&P500 traded flat overnight. European markets had heavier falls, with German stocks down more than 1%.

3. The main theme on currency markets this week — a lack of traction for the US dollar — continued to be in play overnight as the greenback dipper further against the euro. The Japanese yen also lost ground as bond yields rise in the US and Europe. The AUD is little changed, still trading slightly below its 200-day moving average.

4. Crypto trading in full swing: With $US50 billion of transactions a day, global cryptocurrency exchanges are now averaging the same daily trading volume as the New York Stock Exchange. Coinbase — one of the largest US exchanges — said it’s investigating claims of insider trading after it approved Bitcoin Cash on its platform yesterday and the price skyrocketed.

5. On the data front there’s New Zealand Q3 GDP figures this morning, followed by the Bank of Japan’s interest rate announcement this afternoon. Then later tonight there’s Canadian retail sales and the final reading of Q3 GDP in the US.

6. With the Republican tax cut bill headed to US President Donald Trump’s desk for signing, Business Insider’s Joe Ciolli has highlighted four stock market sectors who are best placed to benefit from a reduction in the corporate tax rate to 21% from 35%.

Have a great day, a merry Christmas and a happy New Year. See you in 2018.

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