To the scoreboard:
- Dow: 24,987.47 -103.01 (-0.41%)
- S&P 500: 2,773.87 -5.79 (-0.21%)
- AUD/USD: 0.7425 -0.0016 (-0.22%)
- ASX200 SPI futures (June contracts): 6,154 (+35)
1. Volatility continued in oil markets to start the week, as prices rose sharply to offset Friday’s heavy falls. Ahead of this Friday’s OPEC meeting, traders bet that the proposed supply increases from Saudi Arabia and Russia won’t be as high as first thought.
2. It was another night of cautious trade on global stock markets, which analysts attributed to the ongoing US-China trade tensions. But ASX futures traders have bet the local index will rise sharply this morning after a quiet session yesterday to start the week.
3. Higher energy prices and a weaker Australian dollar appear to be the recipe for ASX bullishness. The AUD remained under pressure in a quiet night on global currency markets, as the ECB’s Forum on Central Banking gets underway in Sintra, Portugal.
4. In Fedspeak, Atlanta Fed President Raphael Bostic — a voting member of the Fed committee — said overnight that the US economy was well-placed to see more rate rises, although he advocated for only one more rate increase this year. US 10-year bond yields edged lower late in the session to close at around 2.92%.
5. And bitcoin is holding steady as the crypto community got up in arms over a negative report by the Bank for International Settlements — also known as the “central banker’s central bank”. Bitcoin prices rose by more than 4% overnight to around $US6,700.
6. On the day ahead, all eyes domestically will be on the the minutes from the RBA’s June meeting (11:30am AEST). There’s also quarterly house price data from CoreLogic, and key events tonight will be headlined by a speech from ECB President Mario Draghi at the banking forum.
Have a great day.
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