Morning Wrap: ASX 200 to rise, US market closed + Gold, copper and oil prices strengthen
ASX 200 futures are trading 26 points higher (+0.31%) as of 8:30 am AEDT.
ASX 200 futures are trading 26 points higher (+0.31%) as of 8:30 am AEDT.
In a nutshell:
US markets were closed overnight to honour the death of former President Jimmy Carter
Major US benchmark data for the overnight summary will refer to Wednesday's session (and no US sector or ETF tables)
China continues to have an inflation problem and producer prices can't stop sinking
Commodity prices experienced a solid uptick and copper prices are running hot so far in 2025
Let's dive in.
Overnight Summary
Name | Value | % Chg |
|---|---|---|
Major Indices | ||
 S&P 500 | 5,918 | +0.16% |
Dow Jones | 42,635 | +0.25% |
NASDAQ Comp | 19,479 | -0.06% |
Russell 2000 | 2,239 | -0.48% |
Country Indices | ||
 Canada | 25,073 | +0.09% |
 China | 3,211 | -0.58% |
 Germany | 20,317 | -0.06% |
 Hong Kong | 19,241 | -0.20% |
 India | 77,620 | -0.68% |
 Japan | 39,605 | -0.94% |
 United Kingdom | 8,320 | +0.83% |
Name | Value | % Chg |
|---|---|---|
Commodities (USD) | ||
 Gold | 2,691.3999 | +0.46% |
 Iron Ore | 97.84 | -1.61% |
 Copper | 4.32 | +1.15% |
 WTI Oil | 74.23 | +1.19% |
Currency | ||
 AUD/USD | 0.6198 | -0.32% |
Cryptocurrency | ||
 Bitcoin (USD) | 92,088 | -2.13% |
 Ethereum (AUD) | 5,167 | -2.59% |
Miscellaneous | ||
US 10 Yr T-bond | 4.693 | 0.00% |
VIX | 18.07 | +2.09% |
S&P 500 DAILY CHART
(Source: TradingView)
OVERNIGHT MARKETS
US market was closed in observance of a national day of mourning to honour former President Jimmy Carter
US bond yields slightly ticked lower in a shortened session but still trading 1-10 bps off recent highs
European markets finished higher, with the pan-European STOXX 600 up 0.4% led by mining and healthcare stocks
US dollar climbs for 3rd straight session (RT)
Pound plummets to 14-month low, rattled by gilt market rout (RT)
STOCKS
Shein aims for London IPO by mid-year (RT)
CENTRAL BANKS
Fed Bowman calls December rate cut “final step”, signals caution amid inflation risks (BAR)
BoE’s Breeden backs rate cuts, says hard to know how quickly (RT)
Bank of Mexico likely to consider larger rate cuts after headline inflation fell more than expected in December (RT)
ECONOMY
Australia trade surplus soars to $7.08bn in November vs. $6.0bn forecasts and $5.6bn in the previous month as exports of metal ores and minerals soared
China headline inflation at 0% year-on-year in December but producer prices down 2.3%, a 27th straight month of declines (CNBC)
Eurozone retail sales up 1.2% year-on-year in November, down from 2.1% in the previous month as economy stagnates (RT)
UN predicts world economic growth to remain at 2.8% in 2025 (RT)
ASX TODAY
ASX 200 set to recoup yesterday's decline and attempt to push a one-month high
Volumes may be light since there was no US lead and newsflow remains slow
Uptick in overnight commodity prices, slight drop in yields and higher European markets presents favourable backdrop for local markets on Friday
New Zealand retailer Briscoe says "we are yet to see any marked improvement in consumer confidence ... December trading was still under anticipated levels" (BGP)
WHAT TO WATCH TODAY
Commodities: Not a whole lot happened overnight but there was a relatively broad-based uptick in commodity prices. Gold up 0.3% to highest since 13 December 2024. Brent crude up 1.3% to US$77.1/lb, highest since 14 October 2024. Copper rallied another 1.1% to US$4.32/lb – It's now up 7.0% in the last six sessions to a fresh two-month high.
BROKER MOVES
We're still smoothing out some gaps in our broker data. Thanks for hanging in there while we get everything sorted.
Key Events
Stocks trading ex-dividend:
Fri 10 Jan: None
Mon 13 – Tue 14 Jan: None
Wed 15 Jan: Tower (TWR) – 4.07%
Thu 16 – Fri 17 Jan: None
Other ASX corporate actions today:
Dividends paid: None
Listing: None
Earnings: None
AGMs: None
Economic calendar (AEDT):
11:30 pm: Canada Unemployment Rate (Dec)
11:30 pm: US Non Farm Payrolls (Dec)
1:00 am: US Consumer Confidence (Jan)
