6 things Australian traders will be talking about this morning

(Photo by Sean M. Haffey /Getty Images)

Good morning.

To the scoreboard:

  • Dow: 25,326.16 -7.66 (-0.03%)
  • S&P 500: 2,827.22 +13.86 (+0.49%)
  • AUD/USD: 0.7365 -0.0039 (-0.53%)
  • ASX200 SPI futures (September contracts): 6,213 (+21)

1. Tech stocks continued to lead US markets higher overnight, as Apple became the world’s first $1 trillion company while Tesla cost short-sellers $US1.1 billion. The S&P500 outperformed European markets, which took their lead from a rough session in China yesterday amid more trade war fears and further crackdowns on property lending.

2. ASX futures traders have marked the local index higher, although global mining stocks got hit overnight amid another rough session for commodities. Gold is close to falling below $US1,200 and copper slid again, although oil prices recouped some of the previous day’s losses.

3. And according to the AFR, Federal Treasurer Scott Morrison is set to take aim at the big banks again today, as the Productivity Commission releases its final report on competition in the Australian financial system.

4. The US dollar strengthened across the board overnight, while the UK pound dipped after the Bank of England raised rates as expected, and made small upward revisions to GDP and inflation. The AUD is back under pressure ahead of June retail sales data this morning:

Investing.com

5. Following some more volatility in Japanese government bonds yesterday, global bond yields edged lower with benchmark US 10-years holding at 2.98% this morning.

6. Bitcoin was little-changed at around $US7,500 following a sharp fall earlier this week. In the latest crypto news, BI’s Frank Chaparro reports that a Chinese billionaire is setting up a $US300 million crypto hub in Connecticut, with facilities including a fintech college.

Here’s a look at today’s economic calendar:

  • Retail sales in Australia (11:30am AEST) will provide an important update on the health of the domestic consumption outlook.
  • China has Caixin PMIs.
  • All eyes tonight will be on US employment data for July.

Have a great weekend.

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