6 things Australian traders will be talking about this morning

(Christophe Simon / Getty Images)

Good morning.

To the scoreboard:

  • Dow: 24,423.26 +34.31 (+0.14%)
  • S&P 500: 2,637.57 +4.49 (+0.17%)
  • AUD/USD: 0.7180 -0.0026 (-0.36%)
  • ASX200 SPI futures (December contracts): 5,584 (+32)

1. US stocks reversed early losses overnight, initially falling more than 1% before rallying into the close. It followed a rough session for European markets after a nervous start to the week in Asia, as the ASX200 slumped to a two-year low.

2. The UK pound briefly fell to a 20-month low of $US1.2507 after Prime Minister Theresa May postponed the Brexit vote to avoid a huge defeat of the draft proposal in UK parliament. The legislative deadline for a Brexit agreement is January 21, 2019.

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3. Energy stocks were the worst performing sector in US markets, as oil prices lost momentum after a briefly rally in the wake of OPEC’s latest production-cut announcement. US WTI crude lost more than 3% while brent crude fell back below $US60 a barrel.

4. The Indian rupee fell sharply against the US dollar after the governor of India’s central bank resigned for “personal reasons”. It comes just five days after the Indian government invoked special powers which allow it to consult on key aspects of central bank policy.

5. Market pricing is increasingly starting to indicate that the pace of rate hikes by the US Fed will slow next year. And billionaire trader Paul Tudor Jones says there won’t be any at all, arguing instead that this December’s rate hike will be the last one “for a long time.”

6. And Japan’s Softbank — the investment conglomerate with significant stakes in Uber and WeWork — has announced it’s going public with a $US23 billion IPO — the largest in Japanese history.

Here are the main events on today’s economic calendar:

  • NAB business survey in Australia (11:30am AEDT).
  • ABS quarterly house price data (Q3).
  • ZEW business sentiment survey in Germany.
  • UK unemployment rate.
  • US NFIB small business optimism survey.

Have a great day.

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