ASX is looking for a positive trading start to this Monday’s opening session in Australia with SPI up by 32 points. This is on the back of strong trading close in US with shares on Wall Street advanced on Friday boosted by a stronger than expected March jobs report, which helped to ease concerns about the strength of the overall economy.
Dow Jones closed up 0.2%, S & P up by 0.5% and Nasdaq closed up 0.6%. In Europe, FTSE closed up 0.6%, CAC up by 0.2% & DAX closed up by 0.2%.
In Commodities, Gold ended flat at US 1291.76 a ounce, Brent crude up by 1.4% to US 70.34 a barrel, US crude oil up by 1.4% to US 63.08 a barrel with Iron Ore flat at US 92.90 a tonne.
RBA will return to the stage this week with Deputy Gov Guy Debelle will a speech on Tuesday on The State of the Economy. The market is expecting RBA to cut interest twice this year, pencilling in the first cut in July. On Friday, RBA will release its latest Financial Stability Review. This may shed light on whether the deterioration in the housing market is having a greater impact on households.
Overseas this week, Brexit is in the focus ahead of an EU leaders summit on Wednesday. UK Prime Minster Theresa May has asked the EU to delay Brexit until June 20 as she will continue to see a way forward. In US, CPI numbers are due out on Thursday with market expecting 0.3% steady increase from previous month in February. PPI numbers is also due on Wednesday with market also expecting a steady increase to 0.3% from 0.1% the previous month on February.
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DATA RELEASES THIS WEEK:
Monday & Tuesday:
GBP – GDP m/m & Manufacturing Production m/m
EUR – Main Refinancing Rate, Monetary Policy Statement & ECB Press Conference
USD – CPI m/m & Core CPI m/m
USD – FOMC Meeting Minutes & PPI m/m