To the scoreboard:
- Dow: 26,154.67 +8.68 (+0.03%)
- S&P500: 2,904.98 +0.80 (+0.03%)
- AUD/USD: 0.7413 -0.0001 (-0.01%)
- ASX SPI futures (September contracts): 6,180 (+6)
1. Markets will start the week still braced for more US-China trade tensions. Reports over the weekend indicate that President Trump is still planning to follow through with tariffs on another $US200 billion worth of Chinese goods.
2. But US stocks shrugged that off on Friday night, as the S&P500 edged higher to cap a weekly gain of 1.2%. ASX futures are pointing to a flat open after the local index rose strongly on Friday — just its second gain in the last 12 sessions.
3. Benchmark US 10-year treasuries rose back above 3% and close at 2.99%, the highest level since August 1. On Friday, Chicago Fed President Charles Evans said he “wouldn’t be surprised” to see four rate hikes in 2018. CME’s Fedwatch tool has the probability of a December rate hike at 75.9%.
4. In currencies, the US dollar had a strong session to end the week despite a miss in retail sales. But the result still pointed to steady growth for US Q3 GDP, and the euro reversed almost a full cent from its highs while the AUD also came under pressure.
5. And trade fears weighed on commodity prices to end the week, as copper fell by more than 2% while gold dipped back below $US1,200. Bitcoin was steady over the weekend at around $US6,500.
6. The week ahead: It’s a quieter schedule of key data this week, on both the domestic and international front. Key events locally will be led by RBA board minutes tomorrow. This week’s full diary is here.
Here’s a look at the main events on today’s calendar:
Have a great week.
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