Morning traders. Thanks Trees and after-market regulars. Market...

Morning traders. Thanks Trees and after-market regulars.

Market wrap:

A soft start to trade looks likely after solid falls in the big iron ore miners in overseas trade and a mixed close for US stocks as economic data kept a rate rise on the table next month.

The December SPI200 futures contract retreated eight points or 0.2% to 5197 as BHP and Rio Tinto lost ground during the last full trading session in the US this week. Wall Street is closed tonight for Thanksgiving and open until 1pm on Friday.

With many traders on their way home for Thanksgiving, a thinly traded session saw US stocks ended mixed but little changed as a heavy slew of economic data appeared to support the case for the Federal Reserve to increase its key rate. The S&P 500 shed a third of a point or 0.1%. The Dow gained one point or 0.1% and the Nasdaq 13 points or 0.26%.

"These numbers are good and basically they put us closer to a rate hike in December than ever before," Peter Cardillo, chief market economist at First Standard Financial in the US, told CNBC.

Consumer and health stocks led the advance, offsetting weakness in energy and resources. After a slow start to the week and with no data scheduled for release tonight or tomorrow, traders had a week's worth of data dumped on them overnight, most of it positive.

Orders for durable goods rebounded last month after two months of declines. Orders increased a seasonally-adjusted 3%, reversing most of a 0.9% fall in September and 2.9% fall in August. Read more here.

Claims for unemployment benefits declined by 12,000 to 260,000 last week, below expectations for a reading of 270,000 and keeping claims near their lowest level in 40 years. Sales of new homes surged 10.7% last month, but the September reading was revised lower. A measure of consumer sentiment rose to 91.3 this month from 90 in October, but fell short of a preliminary reading of 93.1. A preliminary measure of services activity came in at 56.5 this month, up from a final October read of 54.8.

The data dump's only red flag was a weak October consumer spending report. Spending - a major driver of economic growth - edged up just 0.1%, well below expectations for an increase of 0.3%. Incomes rose 0.4%, suggesting Americans preferred to save more than they spent. Read more here.

BHP slumped 4.34% to a post-GFC low in US trade as tumbling resource prices and a Brazilian mining disaster continued to weigh. Rio Tinto declined 1.92%. Spot iron ore for import to China held steady yesterday at a six-year low of US$43.40 a dry ton. Ore prices have slumped 12% this month.

The US energy ETF slid 0.81% even as crude rallied on news that fewer rigs drilled in the US last week. West Texas Intermediate crude oil for January delivery settled 17 cents or 0.4% ahead at US$43.04 a barrel.

Gold stocks eased with gold as some of the 'fear premium' exited the market as tensions between Russia and Turkey appeared to ease. The NYSE Arca Gold Bugs index dipped 0.37%. Gold for December delivery settled $3.80 or 0.4% lower at US$1,070 an ounce.
  
Nickel briefly surged almost 6% before settling 1.5% higher on reports that Chinese nickel producers will meet tomorrow to discuss production cuts after prices hit a 12-year low this week. London copper fell 1.3% and zinc 0.2%. Aluminium rose 1%, lead 0.5% and tin 2.2%. US copper for December delivery was recently off 0.5% at US$2.04 a pound.

European stocks had their best night in a week after Reuters reported that the European Central Bank was considering new measures to encourage banks to lend. The Stoxx Europe 600 surged 1.38%, Germany's DAX 2.15%, France's CAC 1.51% and Britain's FTSE 0.96%.

The dollar was this morning buying 72.57 US cents.

TRADING THEMES TODAY

MARKING TIME: Activity on global markets will wind down from now through to the weekend, with Wall Street closed for Thanksgiving tonight and re-opening for a thinly-traded half-session tomorrow. Barring black swans, the ASX is unlikely to budge far from its present location. However, there is always something moving. BHP, for example, is likely on the way south after Wall Street belatedly caught up with the six-year low in iron ore. We'll need gains elsewhere to offset that if we're not to head lower today. Capital expenditure figures at 11.30am EST may provide some direction.

ECONOMIC NEWS: Q3 capital expenditure figures are due at 11.30am EST. No US data is scheduled tonight with trading suspended for Thanksgiving.

Good luck to all.