6 things Australian traders will be talking about this morning

Getty Images / Spencer Platt

Good morning.

To the scoreboard:

  • Dow: 24,657.80 -42.41 (-0.17%
  • S&P 500: 2,767.32 +4.73 (+0.17%)
  • AUD/USD: 0.7369 -0.0014 (-0.19%)
  • ASX200 SPI futures (September contracts): 6,136 (+11)

1. The NASDAQ index closed at a new record high overnight, as global markets had a more muted response to the mounting US-China trade tensions. Multiple tech stocks in the US rose to fresh peaks, with Facebook climbing above $US200 per share.

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2. The US dollar held close to its best level in 11 months, which kept pressure on the Aussie as AUD/USD declined for the sixth straight session. US 10-year bond yields rose back above 2.9% as Fed Chair Jerome Powell said the case for further rate hikes remains strong at the Sintra conference in Portugal.

3. Oil prices bounced around ahead of expected OPEC output increases. Brent crude fell but prices for US WTI crude rose by more than 1% after another bigger than expected draw in US inventories.

4. It’s a bidding war: Disney upped its offer for 21st Century Fox’s production assets to $US71.2 billion, topping Comcast’s bid of $US65 billion. At least one Wall Street analyst thinks the bids could reach $US80 billion.

5. Back onto trade wars, the European Union is set to hit the US with retaliatory tariffs. After the Trump administration imposed a 25% tariff on steel and aluminium imports to the US, the EU said it will place import duties on a range of American products starting Friday.

6. And in emerging markets, Argentina has officially secured the biggest bailout in International Monetary Fund history. The IMF’s board voted to pass a staff-level agreement to extend a $US50 billion credit line to Argentina, officials said.

A look at the upcoming economic calendar:

  • Bank of England interest rate announcement.
  • Swiss National Bank interest rate announcement.
  • The Philadelphia Fed reports mid-Atlantic factory activity.

Have a great day.

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