To the scoreboard:
- Dow: 25,286.49 -100.69 (-0.40%)
- S&P 500: 2,722.62 -3.60 (-0.13%)
- AUD/USD: 0.7212 +0.0037 (+0.52%)
- ASX200 SPI futures (December contracts): 5,833 (+1)
1. It’s wages day: Australia’s wage price index for the September quarter comes out at 11:30am AEDT. The WPI has finally begun to edge higher in recent quarters, but the report has often surprised to the downside in the past. David Scutt’s 10-second guide has everything you need to know about this key release.
2. The UK pound shot back above $US1.30 overnight following reports British and EU lawmakers had agreed to a draft Brexit deal. UK Prime Minister Theresa May must now convince her divided cabinet to back the deal, with a critical meeting scheduled later tonight. The pound has since given back some of its gains.
3. Oil has now fallen for 12 straight sessions, and prices collapsed overnight with brent crude down almost 8% to less than $US65 a barrel. The falls come amid concern continues about excess supply and a slowdown in global economic growth.
4. US stocks gave back early gains to close flat, as energy stocks fell hard following the slump in oil. ASX futures are unchanged after the local index lost 1.8% yesterday, its worst fall since October 25.
5. Ahead of key wage data today, the Australian dollar is holding above 72 US cents after jumping last night following more optimism around US-China trade talks. Overnight, Trump advisor Peter Navarro accused Wall Street of attempting to influence US-China trade negotiations.
6. Iron ore prices fell again, while gold held steady at around $US1,200 an ounce. Bitcoin also was also little-changed, and despite the recent lack of volatility there’s been plenty of activity in the sector, with crypto M&A deals up 115% in 2018.
It’s a big day of key data on domestic and global markets. Here are the main events:
- Australian Q3 wage price index.
- Westpac monthly consumer confidence survey.
- China industrial production, new yuan loans and retail sales.
- Japanese Q3 GDP.
- October inflation data for the US and UK.
Have a great day.