6 things Australian traders will be talking about this morning

(Fayez Nureldinef / Getty Images)

Good morning.

To the scoreboard:

  • Dow: 26,124.57 +60.55 (+0.23%)
  • S&P 500: 2,914.04 +16.52 (+0.57%)
  • AUD/USD: 0.7313 +0.0003 (+0.04%)
  • ASX200 SPI futures (September contracts): 6,355 (+18)

1. Strong economic data and optimism for easing global trade tensions powered the S&P 500 and Nasdaq Composite to touch record highs for a fourth straight session Wednesday. Gains were led by energy and tech stocks, as Apple and Amazon both climbed.

2. The US dollar continued to edge lower as the AUD stabilised following yesterday’s late fall. And the UK pound surged, after the EU’s chief negotiator said it was prepared to offer the UK an unprecedented deal in Brexit negotiations. The pound finished more than 1% higher against the greenback:

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3. Canadian officials said NAFTA talks could wrap up by Friday, although more work remains before a deal is finalised. Officials from both sides met for a second session of negotiations, days after the US reached a preliminary deal with Mexico.

4. Oil prices rose sharply after weekly US inventory data showed a bigger than expected crude drawdown. And concerns remain about Iranian supply, with OPEC now planning to discuss whether producers can make up for an anticipated sharp drop in oil supply come November when the US enacts sanctions on Iranian barrels.

5. The US economy expanded slightly faster than initially thought in the second quarter, bringing the growth rate to a four-year peak. Gross domestic product grew at 4.2% last quarter, the fastest pace since 2014 and up 0.1% from the advance estimate.

6. And US corporate profits jumped to a six-year high last quarter. Thanks to a boost from tax cuts and a humming economy, a broad measure of corporate profits by the Commerce Department rose 16.1% in the second quarter from a year before.

Here’s a look at today’s busy economic calendar:

  • Q2 Capex data from the ABS — David Scutt’s 10-second guide is here.
  • Australian building approvals data for July.
  • The main data event tonight will be US PCE inflation figures for July.
  • There’s also German import data, along with inflation and unemployment numbers.
  • Credit and morgtage lending data out in the UK.
  • Canadian Q2 GDP.

Have a great day.

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