To the scoreboard:
- Dow: 25,019.41 +94.52 (+0.38%)
- S&P500: 2,801.31 +3.02 (+0.11%)
- AUD/USD: 0.7423 +0.0017 (+0.23%)
- ASX SPI futures (September contracts): 6,213 (-7)
1. Global stocks were steady to end the week, as the S&P500 edged higher although markets were disappointed with the latest bank results as earnings season got underway. ASX futures traders were still cautious, marking the local index down slightly ahead of this morning’s open.
2. Comments about Brexit from Donald Trump sent the UK pound sharply lower on Friday night, before a slight retraction from the US President saw sterling recoup of its losses. The US dollar index traded broadly flat and the AUD edged higher to end the week.
3. Shorter-term US bond yields rose again, leaving the spread between US 2-years and benchmark 10-year bonds at an 11-year low of less than 25 basis points. Dallas Fed Chief Robert Kaplan told Reuters he could still be convinced of a fourth rate hike in 2018 if the economy continues to strenghten.
4. In commodities, gold remains under pressure but found support at $US1,240 an ounce, while oil finished flat in a choppy session. A report by Bloomberg said President Trump may consider tapping emergency oil reserves in the US to alleviate pressure from higher prices.
5. Iron ore prices were steady ahead of a data deluge from China today, led by Q2 GDP (forecast growth 6.7% y/y). There’s also retail sales, industrial production and fixed asset investment numbers. Key data tonight will be led by June retail sales in the US, and President Trump will meet with Russian leader Vladimir Putin in Finland. This week’s full calendar is here.
6. And France has won the World Cup with a convincing 4-2 win over Croatia. Meanwhile, police in China busted an illegal $US1.5 billion World Cup betting ring which used cryptocurrencies. In line with recent trends, bitcoin rallied over the weekend and is back above $US6,350 this morning.
Have a great day.
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