To the scoreboard:
- Dow: 24,753.09 (unchanged)
- S&P 500: 2,721.33 (unchanged)
- AUD/USD: 0.7546 -0.0010 (-0.13%)
- ASX200 SPI futures (June contracts): 6,002 (-14)
1. With the US and UK on holiday, the focus was on Italy overnight following more political turmoil over the weekend. Italian stocks extended their recent slump with another fall of 2%, while the other major markets across Europe were also dragged into negative territory.
2. And the yield on 2-year Italian government bonds had their biggest one-day spike since the Eurozone crisis in 2012, rising by as much as 50 basis points to 0.98% before easing back slightly:
3. Traders hit the sell button in oil markets to start the week, as prices fell sharply for the second straight session. But markets steadied and crude oil is sitting off its overnight lows this morning at $US75.33 a barrel.
4. The euro was sold heavily as soon as European markets opened, and a short time ago was trading at $US1.1624 this morning. That’s more than 100 points off its high above $US1.17 yesterday, after the currency caught an unusual bid in Asian markets despite the weekend’s political developments in Italy and continued uncertainty in Spain.
5. Most other currencies were range bound, with the AUD holding steady overnight as iron ore prices remain under pressure. Copper prices also dipped slightly while gold is a little lower at $US1,298 an ounce.
6. And in cryptos, bitcoin remains under pressure as prices fell further towards $US7,000 overnight — down another 2.5% — with heavier selling in the other major coins. Here’s the overnight scoreboard:
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