6 things Australian traders will be talking about this morning

Photo: Jamie McDonald/ Getty

Good morning.

To the scoreboard:

Dow: 22,830.68 +69.61 (+0.31%)
S&P 500: 2,550.64 +5.91 (+0.23%)
AUD/USD: 0.7778 +0.0026 (+0.34%)
ASX200 SPI futures (December contracts): 5,733 (+15)

1. Rough night for the US dollar: The greenback is lower against all major currencies this morning and the falls were driven by renewed strength in the euro, after Catalonia’s leaders suspended plans to secede from Spain overnight. The UK pound also rose on strong economic data and the AUD climbed off the mat. Here’s the euro’s move overnight:

2. Iron ore slumps again: Spot prices fell to their lowest level in over three months last night and are now holding just above $US60 a tonne, amid renewed concerns about steel production cuts on environmental grounds. But it was a good night for base metals, with copper, zinc and nickel all posting gains. Gold caught a bid amid the US dollar weakness and oil was up by more than 1%.

3. US stocks still elevated: The S&P500 briefly hit a new intra-day high led by a surge in Walmart shares, and Credit Suisse has outlined six factors that could make or break the US stock market in 2018. UK stocks also rose on strong economic data and the global lead has ASX futures traders confident of a positive start for the local index this morning.

4. Bitcoin still up and about but Vlad isn’t so sure: The cryptocurrency briefly hit a new all-time high overnight above $US4,900, according to Bloomberg data. It’s since eased back slightly, while Russian leader Vladimir Putin is the latest big name to raise doubts about the viability of cryptos, citing risks around their use in criminal activities.

5. $US1 trillion interview: This is worth a look — Business Insider sat down with David Hunt, the CEO of Prudential’s investment arm PGIM which manages more than $US1 trillion in assets. Hunt covered off on the changes facing the money management industry, the outlook for US stocks and raised some interesting points on the bond market. You can watch or read the transcript here.

6. Thank God for Timmy Cahill: Australia’s 37-year old champion striker is likely to feature heavily in market chatter this morning, after he came to the rescue last night against Syria to keep the Socceroos World Cup dream alive. Two goals from the great man — including an extra-time winner — allowed Australia to come from behind and edge by with a 2-1 victory.

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