Here’s Your 20-Second Guide To What Aussie Traders Will Be Talking About This Morning

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Here’s your morning market update.

– The retreat of stocks continued overnight with the wave of HSBC and Markit PMI disappointing around the world. China kicked off yesterday with a print of 48.1 for the Flash PMI, before disappointing out-turns from Europe and the US.

– So at the close, the Dow is down 9.16%, the Nasdaq is off 1.18% as biotech gets hit again and the S&P 500 is off 0.49% to 1857.

– In Europe, it was more of the same with stocks lower. The FTSE fell 0.6%, the DAX lost 1.7% while the CAC dropped 1.4%.

– Locally, on the ASX Futures market overnight the June SPI 200 contract dropped 33 points to 5315 bid.

– On global FX markets the US dollar somewhat inexplicably gave up more ground, allowing the euro to recover 1.38 to sit at 1.3838 this morning. Sterling is sitting at 1.6502 and USDJPY is at 102.22. The Aussie dollar is stronger once again back at the recent highs, sitting at 0.9128 this morning.

– On commodity markets Nymex Crude is just below $100 Bbl at $99.57, Copper sits at $2.99 lb while Gold was hit hard, falling around $25 oz to $1311 – a huge fall from recent highs. On agricultural markets there was more volatility with Corn up 2.4%, Wheat rising 3% and Soybeans 1.19% higher.

On the data front, German IFO will be important tonight along with CPI and PPI in the UK and US home sales.

And now from CMC Markets’ Ric Spooner is today’s Stock of the Day

Facebook’s stock price broke below chart support last night. Divergence between the Relative Strength Index and price had previously indicated growing indecision and loss of upward momentum.

This may be an interesting development for a stock trading at around 38 times estimated 2015 earnings.

Ric Spooner, Chief Market Analyst CMC Markets

You can follow Ric on Twitter @ricspooner_CMC

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