ASX is looking at a positive trading session on Monday opening with SPI currently up 43 points at 5864. This is on the back of positive closes across US & Europe.
Dow Jones closed up 1.4%, S & P up 1.3% & Nasdaq up 1%. In Europe, FSTE closed up 2%, CAC up 1.7% & DAX closed up 2.6%. On commodities, Gold closed down 0.8% at US 1281.75, Brent Oil up 2.5% at $62,70 a barrel with Iron Ore closed up 1.5% at US $75.70 a tonne.
AUDUSD traded near the monthly high of US $0.7235 cents before closing down 0.4% to US $0.7168 cents. The AUD could trade higher on the back of some positive news data releases out of China this morning.
The Global markets was also buoyed by the shift of the US Administration towards a more constructive tone with Trade War with China. The focus will be on China’s fourth quarter GDP statistics as well as the latest data on industrial production, retail sales and fixed assets investment. Economic growth in China is widely expected to have eased to 6.4% from 6.5% in the final quarter of 2018.
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DATA RELEASES THIS WEEK:
CNY – GDP q/y, Retail Sales y/y & Unemployment Rate
GBP – Average Earnings Index 3m/y
NZD – CPI q/q
JPY – BOJ Outlook Report, Monetary Policy Statement & BOJ Press Conference
CAD – Core Retail Sales m/m
AUD – Employment Change & Unemployment Rate
EUR – ECB Press Conference