6 things Australian traders will be talking about this morning

(Corey Perrine /Getty Images)

Good morning.

To the scoreboard:

  • Dow: 24,886.81 +52.40 (+0.21%)
  • S&P 500: 2,733.29 +8.85 (+0.32%)
  • AUD/USD: 0.7563 +0.0003 (+0.04%)
  • ASX200 SPI futures (June contracts): 6,024 (-12)

1. The meeting minutes from the US Federal Reserve showed officials are comfortable letting inflation temporarily surpass their 2% target, with the Fed reinforcing its guidance of another 2 to 3 rate hikes in 2018.

2. The Fed minutes were interpreted by the market as slightly dovish, which helped give US stocks a boost while 10-year treasury yields dipped back below 3%.

3. But the pan-European STOXX600 index fell by more than 1% overnight, as did the UK’s FTSE100. That came amid a raft poor economic data as European manufacturing PMIs missed expectations while inflation in the UK fell to the lowest level in almost a year.

4. Conversely, US manufacturing PMIs beat forecasts which helped provide support for the US dollar. The euro bounced off its lows after the dovish Fed minutes but is back below $US1.17 this morning, while the AUD held up well amid more US dollar strength.

5. In cryptos, Bitcoin cash sank by as much as 12% overnight and fell below $1,000 for the first time since April, amid concerns about changes to its software development platform. Bitcoin also came under pressure and fell further below the $US8,000 mark.

6. And a bidding war for 21st Century Fox assets is heating up. Comcast said in a statement that it’s considering extending an all-cash offer that would surpass Disney’s $52 billion bid.

Have a great day.

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