6 things Australian traders will be talking about this morning

(Jonathan Daniel / Getty Images)

Good morning.

To the scoreboard:

  • Dow: 25,478.93 +208.10 (+0.82%)
  • S&P 500: 2,738.08 +15.02 (+0.55%)
  • AUD/USD: 0.7213 +0.0015 (+0.21%)
  • ASX200 SPI futures (December contracts): 5,816 (+6)

1. It’s RBA day: The Reserve Bank will hold its monthly meeting today, and rates are certain to stay on hold at 1.5%. But there’ll be plenty of interest in the accompanying statement ahead of the RBA’s latest set of economic forecasts this Friday. Get the full preview here.

2. US stocks edged higher into the close, in a cautious session of trade ahead of Tuesday’s mid-term elections. Tech stocks again lagged the index, as Apple’s slide continued amid reports the company had asked suppliers not to increase production of its new iPhone.

3. The US got some more positive economic data, as activity in the services sector beat expectations in October. The US dollar drifted lower against all of the major pairs, with the AUD supported back above US72 cents this morning.

4. Italian bond yields climbed and stocks in Milan fell, as Goldman Sachs downgraded its rating on some of the country’s biggest banks. The EU continues to press the Italian government to reign in spending on its draft budget proposal, and Italy has been given a deadline of November 13 to respond.

5. Oil prices initially rose by 1% before losing ground as US sanctions against Iran came into effect. The US has granted temporary waivers for eight countries to continue buying oil from Iran. Iron ore prices surged after a BHP train in Western Australia was derailed, sparking supply concerns.

6. And investor Steve Eisman — famous for betting against the US housing market ahead of the 2008 financial crisis — has now take short bets against two British banks. Eisman predicts the UK will be forced into a no-deal Brexit and financial stocks will fall.

Here’s today’s economic calendar:

  • ANZ weekly consumer confidence index.
  • RBA rates announcement (2:30pm AEST).
  • Japan / Europe Services PMIs.
  • US JOLTS job openings.

Have a great day.

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