6 things Australian traders will be talking about this morning

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Good morning.

To the scoreboard:

Dow: 25,392.53 +109.53 (+0.43%)
S&P 500: 2,753.58 +5.87 (+0.21%)
AUD/USD: 0.7820 -0.0023 (-0.29%)
ASX200 SPI futures (March 2018 contracts): 6,105 (+17)

1. Bonds sold off: Bond yields rose across the globe overnight following yesterday’s decision by the Bank of Japan (BoJ) to taper its bond purchases. Yields on benchmark US 10-year bonds rose 6 basis points to 2.54% while German 10-years are at their highest level since the middle of last year.

2. Stock bulls hold sway: While rising bond yields have been cited as a possible market disruptor in 2018, it’s still early days and the bond selloff didn’t trouble global stocks overnight. ASX200 futures are pointing higher as the S&P500 continues to rise ahead of earnings season which kicks off on Friday.

3. The Japanese yen consolidated its gains following the BoJ decision, while traders appear to have assessed that the euro has run slightly ahead of itself to start the year. It dipped again after failing to break higher on Friday. Some extra strength in the USD saw the Aussie give back its gains in the wake of yesterday’s surprise building approvals data.

4. Jamie Dimon has regrets: The JP Morgan CEO said he regrets calling bitcoin a fraud, but still isn’t interested in the cryptocurrency. However, former hedge fund manager Mike Novogratz is definitely interested — he’s tabled plans to start a cryptocurrency bank. And if you believe in the blockchain, HSBC says there’s opportunities in these 14 stocks.

5. Data today: The NAB’s online retail sales index for December is scheduled for 11:30am AEDT, followed by inflation data out of China at 12:30pm AEDT, with December figures for CPI and PPI.

6. Stock market rally has analysts split: Earlier this week, Morgan Stanley analysts argued that US stocks have reached the “euphoria” stage of the bull market rally. But analysis from Credit Suisse suggests traders are betting the rally could extend well into 2018, based on longer-dated positioning in stock options.

Have a great day.

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