6 things Australian traders will be talking about this morning

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Good morning.

To the scoreboard:

  • Dow: 24,799.98 -13.71 (-0.06%)
  • S&P 500: 2,748.80 +1.93 (+0.07%)
  • AUD/USD: 0.7621 -0.0024 (-0.31%)
  • ASX200 SPI futures (March contracts): 6,010 (+10)

1. It’s GDP day: Australia’s economic report card for the March quarter will be released by the ABS at 11:30am AEST. And economists are forecasting a strong quarter of growth. To get you up to speed, David Scutt’s 10-second guide has everything you need to know.

2. ASX futures traders have marked the local index up slightly higher this morning after US stocks traded flat overnight. Shares in ANZ are likely to be in focus after multiple executives were charged with criminal cartel offences last night in connection with a 2015 capital raising by the bank.

3. China has extended an olive branch to the US in its trade negotiations, offering to buy nearly $70 billion more worth of American farm and energy products. While Mexico responded to last week’s tariff announcement with retaliatory import taxes on steel and politically-sensitive products like pork, cheese, and bourbon.

4. And Italian bonds got sold off again, after new Prime Minister Giuseppe Conte said he was confident of the Italy’s “negotiating power” while laying out an economic agenda that’s likely to raise tensions with the EU. Yields on Italian two-year debt rose back above 1%, after spiking above 2.7% amid last week’s political crisis.

5. Despite the positive projections for GDP and a strong session for base metals — led by gains in copper — the Aussie dollar was the worst performer overnight among the commodity bloc currencies. The UK pound rose sharply after monthly PMIs for its dominant services sector beat forecasts.

6. Oil prices were mixed following news that US officials reportedly asked OPEC to raise output, with WTI up 0.65% to $65.30 per barrel and Brent down 0.54% to just below $75 a barrel. The crude benchmarks have both shed nearly 2% over the past week.

Have a great day.

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