To the scoreboard:
- Dow: 24,174.82 -132.36 (unchanged)
- S&P500: 2,713.22 -13.49 (unchanged)
- AUD/USD: 0.7382 -0.0003 (-0.04%)
- ASX SPI futures (September contracts): 6,149 (+12)
1. With US markets closed for July 4th celebrations, stocks in Europe and the UK drifted lower overnight on thinner volumes. But despite lingering trade tensions, the ASX looks set to continue its broad upward trend, with futures traders adding another 12 points ahead of this morning’s open.
2. There were more falls in Chinese stocks yesterday, while downward pressure remains on China’s currency. As David Scutt pointed out yesterday, those who trade in AUD/USD should be keeping a close eye on the the Chinese yuan over the next couple of sessions.
3. Oil prices rose again as US crude inventories dropped for the second straight week, while Iran said it may move to halt the exports of neighbouring producers if the US forces other countries to stop buying Iranian oil.
4. More analysts are starting to address the ongoing threat of a full-blown trade war. An Oxford economist said it could cut global growth by 4%, while Saxo Bank’s chief economist said the global economy is entering one of the most dangerous periods since the fall of the Berlin Wall.
5.The Aussie dollar’s foray above US74 cents after yesterday’s solid retail sales print proved short-lived overnight. Commodities came under pressure as iron ore prices edged lower while copper fell to a nine-month low. Gold edged higher for the second straight session after bouncing off recent lows.
6. And with the global economy poised at an interesting juncture to start a new quarter, Business Insider has published JP Morgan’s ultimate guide to markets for Q3 2018. There are more than 70 slides covering off stocks and the global economy. Have a read here.
Have a great day.
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