6 things Australian traders will be talking about this morning

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Good morning.

To the scoreboard:

Dow: 24,356.92 +27.76 (+0.11%)
S&P 500: 2,657.02 +5.52 (+0.21%)
AUD/USD: 0.7531 +0.0022 (+0.29%)
ASX200 SPI futures (December contracts): 6,016 (+12)

1. Global stocks rise again: The S&P500 climbed to another record high, as markets got a boost from energy stocks overnight amid news that Britain’s largest oil pipeline will be closed for weeks due to repairs.

2. Bitcoin futures hold steady: The CEO of the Cboe futures exchange told Business Insider he was pleased with yesterday’s launch, and underlying prices for Bitcoin are trading around record highs above $US17,000 this morning. Meanwhile, the Winklevoss twins — who’s Gemini exchange is used as the platform for Cboe futures — said Bitcoin’s value could still rise by up to 20 times.

3. Kiwi dollar surges: The US dollar index was little changed overnight, while the announcement of a new central bank Governor gave the Kiwi dollar a big boost. The AUD also caught a bid off its recent lows, while the UK pound was again the worst performer among major currencies as markets assess the degree of uncertainty around Brexit negotiations.

4. Data today: This morning there’s NAB’s business survey at 11:30am AEDT, which could be interesting after conditions hit a record high in the previous month. There’s also September quarter house price data from the ABS and HIA new home sales. Then tonight there’s UK inflation data and Germany’s widely-read ZEW business survey.

5. Looking ahead: The head of Blackrock’s $US1.7 trillion bond fund told Business Insider his biggest fear next year is market complacency as central banks withdraw record stimulus measures. And a Barclay’s survey of over 700 institutional clients found that geo-political concerns are seen as the main risk event next year.

6. China worries: Chinese authorities have renewed their focus on reigning in excessive leverage since the 19th National Congress in October. This summary from Bloomberg shows six ways in which the crackdown could hurt Chinese growth, with analysts forecasting that Chinese stocks will trade below current levels for much of next year.

Have a great day.

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