6 things Australian traders will be talking about this morning

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Good morning.

To the scoreboard:

  • Dow: 25,628.91 +126.73 (+0.50%)
  • S&P 500: 2,858.45 +8.05 (+0.28%)
  • AUD/USD: 0.7418 +0.0031 (+0.42%)
  • ASX200 SPI futures (September contracts): 6,202 (-5)

1. Global stocks rose overnight, after Chinese markets had their biggest one-day gain in two years yesterday. The S&P500 closed just off record highs amid another strong round of earnings reports, but it wasn’t enough to sway ASX futures traders who have marked the local index lower.

2. Commonwealth Bank reported full-year results this morning, with net cash earnings of $9.233 billion (down 4.8%). The bank recognised some one-off items, including the $US700 million AUSTRAC penalty. Loan impairment expenses were down 1.5%.

3. Elon Musk grabbed the headlines by indicating on Twitter that he may take Tesla private. It followed an FT report of a $US2 billion Tesla investment by Saudi Arabia’s sovereign wealth fund. Tesla stock surged by 11%, but experts told Business Insider that Musk’s tweets could have legal ramifications.

4. Chinese data last night showed China’s foreign currency reserves unexpectedly increased in July, to $US3.18 trillion. The US dollar edged lower across the board, while the AUD rose amid a good session for commodity prices and Brexit fears kept pressure on the UK pound.

5. Oil prices extended their recent gains amid continued concerns about Iranian supply while iron ore closed just shy of $US70 a tonne — the highest level since March. Copper prices also rose and gold got a small boost but is still trading near 18-month lows.

6. And shares in Snap Inc. had a wild session, rocketing higher after an earnings beat and reports of a $250 million investment by a Saudi prince. But the stock price then slumped as investors raised concerns about a decline in user growth.

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

  • Housing finance figures from the ABS
  • Speech by RBA Governor Philip Lowe at 1:05pm AEST – “Demographic Change and Recent Monetary Policy”
  • Chinese trade data for July

Have a great day.

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