To the scoreboard:
- Dow: 25,538.46 +199.62 (+0.79%)
- S&P 500: 2,759.99 +22.23 (+0.81%)
- AUD/USD: 0.7306 -0.0013 (-0.18%)
- ASX200 SPI futures (December contracts): 5,699 (+25)
1. President Trump and China’s Xi Jinping have agreed to postpone the next round of US-China trade sanctions, and set out a 90-day window for further negotiations. Westpac said it “should give risk appetite a short term boost” this week, but cautioned the outcome was largely priced in by markets while “contentious structural issues remain unresolved”.
2. The Australian dollar has rocketed higher in early trade following the Trump/ Xi agreement. It rose strongly against all the major pairs and pushed back towards US74 cents against the US dollar — the highest level since August.
3. ASX futures are pointing higher to start the week after a positive session for US stocks on Friday night, as the S&P500 capped its best weekly gain in seven years.
4. Oil continued to hover below the $US60 barrel after losing more ground on Friday night. Over the weekend, Saudi leader Mohammed bin Salman and Russia’s Vladimir Putin met on the sidelines of the G20 summit to discuss the prospect of output cuts in 2019.
5. There was another bout of volatility in crypto markets, as Bitcoin briefly slumped back below $US4,000 on Friday night before clawing back ground over the weekend.
6. The week ahead: Markets will have plenty to digest, with a huge week of key data on the schedule both at home and abroad. It starts today in Australia with the release of November PMI data, ANZ job ads, building approvals and monthly home prices. This week’s full calendar is here.
Have a great week.
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