To the scoreboard:
- Dow: 24,919.66 +143.07 (+0.58%)
- S&P 500: 2,793.84 +9.67 (+0.35%)
- AUD/USD: 0.7431 -0.0028 (-0.38%)
- ASX200 SPI futures (September contracts): 6,227 (+16)
1. US stocks inched higher overnight, with the Dow Jones industrial average gaining for a fourth straight session, as markets brushed off mounting trade tensions and eyed the start of earnings season.
2. Meanwhile, news broke earlier this morning that the US is now poised to release its tariff list for another $US200 billion worth of Chinese goods. The Aussie dollar is getting sold off on the news, particularly against the safe haven Japanese yen.
3. The latest developments follow a statement by China’s commerce ministry said it would hit some US optical fibre products with tariffs of up to 78.2%.
4. Americans are quitting their jobs at a rate not seen in 17 years. The jobs quits rate rose to 2.4% in May, the Labour Department said, another sign of a tightening US labour market. The US dollar rose overnight and bond yields edger higher.
5. President Donald Trump has tapped Judge Brett Kavanaugh to fill the open Supreme Court seat left by retiring Justice Anthony Kennedy. Kavanaugh’s record suggests he’ll bring pro-business views to the high court. The nomination still has to be confirmed by the Senate, which could be an uphill battle.
6. Tesla is planning to build a plant in China, which the company said it expects to produce 500,000 cars a year. Shares rallied after Tesla announced it had signed an agreement on the deal with Shanghai’s municipal government.
Here’s today economic calendar:
- Speech on Australia’s housing market by APRA chairman Wayne Byres.
- Westpac consumer confidence data.
- US PPI inflation figures.
- Bank of Canada interest rate announcement.
Have a great day.
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