To the scoreboard:
- Dow: 25,989.30 -201.92 (-0.77%)
- S&P 500: 2,781.01 -25.82 (-0.92%)
- AUD/USD: 0.7256 -0.0019 (-0.26%)
- ASX200 SPI futures (December contracts): 5,874 (-37)
1. The ASX200 looks set to open lower this morning, after US stocks fell by 0.9% to end the week. Falls were led by energy and materials stocks, amid the ongoing drop in oil prices and lingering trade fears. Despite that, the S&P500 still posted a weekly gain of 2.13%.
2. Oil prices fell to a seven-month low, as rising inventories overshadowed US sanctions against Iran that took effect last week. Brent crude fell below $US70 a barrel while US WTI crude slid deeper into a bear market, down more than 20% from its recent highs.
3. The AUD lost ground amid another round of USD strength, after the US Fed reiterated last week that it remains on track to continue its rate hiking cycle in the months ahead. The greenback also got a boost from a solid data print for producer price inflation (PPI) on Friday night.
4. Alibaba shares closed 2.78% lower in New York on Friday night, but the company made e-commerce history over the weekend when it reportedly racked up $US30.8 billion in sales during its huge Singles Day promotion. For comparison, total online sales on Black Friday in the US reached $US5 billion in 2017.
5. Commodities wrap: Gold declined mid the strength in the US dollar, while other base metals also fell with copper futures down 2% at $US2.67 a pound. But iron ore hit yet another fresh cyclical high, while Bitcoin edged lower and is holding at around $US6,400 this morning.
6. The week ahead: It’s all about the labour market in Australia this week, with Q3 wage growth data on Wednesday then monthly jobs figures on Thursday. It’s also a busy week of key data and events abroad. The full calendar is here.
Have a great week.