6 things Australian traders will be talking about this morning

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Good morning.

To the scoreboard:

  • Dow: 24,262.51 +332.36 (+1.39%)
  • S&P 500: 2,663.42 +33.69 (+1.28%)
  • AUD/USD: 0.7542 +0.0011 (+0.15%)
  • ASX200 SPI futures (June contracts): 6,092 (+38)

1. US jobs data on Friday night showed unemployment hit a 17-year low. But the number of new jobs added misses forecasts, while wage growth came in below expectations.

2. Not too hot, not too cold: That was market’s view of the employment figures with regard to the outlook for the US economy. And stocks responded favourably — the S&P500 had its biggest one-day gain in almost a month and the ASX looks poised for a strong opening to start the week.

3. The USD’s recent strength continued as it pushed higher against the euro and pound, with the US dollar index closing just above the key resistance level of 92.56. The AUD consolidated off last week’s 11-month low under US75 cents to close at 0.7542 US cents.

4. Oil closed higher, with brent crude up 1.7% to $US74.87 as US President Trump prepares to make an announcement on the potential reintroduction of sanctions against Iran by the May 12 deadline.

5. The week ahead: Today in Australia there’s the NAB business survey for April and ANZ job ads data. Here’s the full calendar for this week, with key events led by tomorrow night’s federal budget while the US and China report inflation data on Thursday.

6. Warren Buffett held court at Berkshire Hathaway’s annual meeting over the weekend. The legendary investor offered his thoughts on the prospect of a US-China trade war, trolled Elon Musk and said he thinks bitcoin is “probably rat poison squared“.

Have a great week.

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