To the scoreboard:
- Dow: 26,743.50 +86.52 (+0.32%)
- S&P 500: 2,929.65 -1.10 (-0.04%)
- AUD/USD: 0.7267 -0.0024 (-0.33%)
- ASX200 SPI futures (September contracts): 6,169 (-23)
1. There’s a mild risk-off tone in markets to start the week, with traders selling the Aussie dollar at the open this morning. Trade tensions still linger as China cancelled talks with the US over the weekend, while ASX futures are pointing lower after a flat lead from US stocks.
2. That followed a huge session for Chinese stocks on Friday, as the CSI300 surged by more than 3% — its biggest one-day gain since May 2016. The Shanghai stock exchange will be closed today for China’s mid-autumn festival.
3. The UK pound got crushed on Friday night following a Brexit speech from UK Prime Minister Theresa May. GPB/USD fell by almost 1.5% as markets assessed the risks of a hard-Brexit are rising.
4. And over the weekend, Business Insider’s Jim Edwards reported that the White House is drafting plans for an anti-trust investigation in Facebook and Google — two of the big tech companies which have helped to underpin this year’s rally in US stocks.
5. Brent crude oil closed flat at around $US78 a barrel on Friday night, before an OPEC meeting over the weekend . Member states said there would be no immediate boost in production following US President Trump’s call for higher output and lower prices.
6. Gold failed to break higher and is back below $US1,200 an ounce, while copper closed the week with a big 3.8% rally to $US2.85 a pound. Cryptocurrencies rose steadily over the weekend and Bitcoin is holding just below $US6,700 this morning.
The week ahead: It’s a quiet schedule domestically, and all eyes will be on the US Fed’s interest rate announcement on Wednesday night. This week’s full calendar is here.
Have a great week.
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