6 things Australian traders will be talking about this morning

(Francois Nel / Getty Images)

Good morning.

To the scoreboard:

  • Dow: 25,199.29 +79.40 (+0.32%)
  • S&P500: 2,815.62 +6.07 (+0.22%)
  • AUD/USD: 0.7398 +0.0010 (+0.14%)
  • ASX SPI futures (September contracts): 6,203 (+9)

1. It’s jobs day: June employment data comes out at 11:30am AEST. The median forecast is for 16,500 jobs to be added, with unemployment holding steady at 5.4%. David Scutt’s 10-second guide has everything you need to know on what is a key barometer for the Australian economy.

2. US Fed Chair Jerome Powell remained upbeat about the US economy in the second day of his testimony to Congress. That helped underpin broad strength in the US dollar index, which is closing in on a 12-month high. The pound had a sharper fall in the wake of UK inflation data.

3. The US also had some underwhelming data, as housing starts fell to a nine-month low in June, down more than 12% from May. Survey results from the US Fed’s Beige Book also showed concern among US manufacturers about the potential fallout from a trade war.

4. Despite a soft lead from Chinese stocks which slumped into the close, markets in the UK and Europe got a boost from weaker currencies. US tech stocks dipped but the S&P500 hit a five-month high, as strong earnings reports propelled financials and industrials higher.

5. Oil prices reversed early falls after US crude stockpiles unexpectedly rose by 5.8 million barrels. But data showed US production also climbed above 11 million barrels per day — the highest level on record. Gold traded flat near 12-month lows, while iron ore jumped across the board.

6. And Bitcoin is holding steady above $US7,000, with some analysts speculating that yesterday’s 10% rally may have been a short squeeze. Meanwhile, crypto fund manager Grayscale Investments said it’s received $US250 million of inflows in the first six months of the year.

Here’s a look at the upcoming economic calendar:

  • Retail sales numbers are out in the UK.
  • Jobless claims in the US and the Philadelphia Federal Reserve releases its manufacturing index.
  • Microsoft and Blackstone report earnings.

Have a great day.

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