6 things Australian traders will be talking about this morning

Should he have played? (Photo by Stu Forster/Getty Images)

Good morning.

To the scoreboard:

  • Dow: 24,461.70 -196.10 (-0.80%)
  • S&P 500: 2,749.76 -17.56 (-0.63%)
  • AUD/USD: 0.7377 +0.0009 (+0.12%)
  • ASX200 SPI futures (September contracts): 6,151 (-30)

1. After the Aussies let one get away against Denmark in the World Cup, the Dow Jones industrial average declined for an eighth straight session overnight, as trade tensions persisted among the US and multiple countries. The US dollar index and Treasury yields both fell.

2. And the NASDAQ slipped from its record high after the Supreme Court ruled US states can enforce taxes on digital sales, even if the vendor doesn’t have a physical presence there. Shares of Amazon and other online retailers fell following the ruling.

3. European markets were lower as Daimler slashed its 2018 earnings forecast amid escalating trade tensions. Falls were led by a 2% decline in Italian stocks, after two Euro-sceptics were appointed to the new government’s finance committee.

4. Oil prices slid as OPEC closed in on an agreement to ease supply cuts. The cartel moved closer to a deal to raise output at an upcoming meeting Friday as Iran signalled it could go along with such a deal.

5. The euro managed to hold above key support and bounced off its overnight low to climb back above $US1.16. The AUD also rose against the greenback, while gold remains under pressure at $US1,267 an ounce and bitcoin was little changed at around $US6,700.

6. Meanwhile, Deutsche Bank — which just cut 7,000 investment banking jobs in May — also had some problems on the trading floor in February, when its US trading unit booked losses that were 12 times higher than its risk-modelling platform thought was possible.

And a look at the upcoming economic calendar:

  • OPEC and other supply-cutting countries meet in Vienna to review oil supply cuts.
  • Canada reports inflation and retail sales numbers.
  • Global flash PMIs for Japan, Europe, US and UK.

Have a great weekend.

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