6 things Australian traders will be talking about this morning

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Good morning.

To the scoreboard:

  • Dow: 24,311.19 -11.15 (-0.05%)
  • S&P 500: 2,669.91 +2.97 (+0.11%)
  • AUD/USD: 0.7577 -0.0004 (-0.05%)
  • ASX200 SPI futures (June contracts): 5,942 (+3)

1. The ASX200 looks poised to open flat after US stocks had a mixed session on Friday night. Amazon shares dragged the tech sector higher after a big earnings bit amid an otherwise cautious night of trade.

2. There was another upside surprise for US data as the first reading of Q1 GDP growth beat expectations. Despite that, US bond yields edged lower with 10-years closing the week at 2.96% while the US dollar struggled for traction.

3. The greenback got a boost against the pound, which dipped sharply after UK GDP showed the lowest growth rate in five years. But it lost ground elsewhere — including against the Aussie, which found some buyers on Friday night after heavy falls throughout the week.

4. The week ahead: Today in Australia there’s private sector credit and new home sales data, while tonight the main event will be PCE inflation figures for March in the US. Chinese stock markets are closed today and Tuesday. This week’s full calendar is here.

5. In commodities, iron ore is falling again while oil traded in a tight range into the end of last week as a May 12 deadline looms for President Trump’s decision on whether to extend sanctions against Iran. Copper fell heavily on Friday night to close at a one-month low while gold got a small boost from weakness in the USD.

6. And in cryptos, BI’s Frank Chaparro spoke to some Wall Street players establishing a benchmark data product for the cryptocurrencies, and it gives some great insight into how the regulatory framework is developing. Bitcoin is holding steady above $US9,000 this morning after seeing solid demand into the end of last week.

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