Day Trading 2 Dec Pre Market

Morning All
Thanks to Trees and regulars

The ASX looks set for a flat open after European markets were mixed, and despite of a firm rise in the US.
December SPI futures were recently up 3 points at 5267

In Europe investors were reluctant to take major positions  ahead of thursday's ECB meeting, the market widely expecting further quantative easing and possibly move the deposit rate further into negative territory.
The DAX lost 1% while in England the FTSE rose .6%

Recently the Dow was 1% firmer, the S&P 500 same
The U.S. dollar index was weaker on this day, which was also a mildly bullish underlying element supporting the precious metals markets. However, the greenback bulls are maintaining the firm overall technical advantage as the dollar index hit a seven-month high Monday.
The U.S. ISM November manufacturing purchasing managers’ (PMI) index was released today and came in at 48.6 versus 50.1 in October. A reading of 50.5 was expected. The November figure was a six-year low. However, the weaker PMI number in November was offset by some other upbeat U.S. data that was released Tuesday.

Meantime, in overnight news China’s official PMI fell to a three-year low of 49.6 in November from 49.8 in October. A number of 49.9 was expected. A reading below 50.0 suggests contraction. Data from the world’s second-largest economy continues to show a deceleration in economic growth. That’s bearish for the raw commodity sector, including the precious metals, as China is the world’s largest raw commodity importer.

The Australian dollar has surged higher on bets global central banks are in no rush to lift interest rates, extending gains made on Tuesday after the Reserve Bank left its key rate unchanged for a seventh straight month, on fresh evidence the local economy is weathering the large slump in mining investment.The Australian economy rebounded in the September quarter thanks to a surge in exports and surprisingly robust company profits, Wednesday's national accounts will likely show.

Also bolstering the Aussie was at least a temporary respite in pressure on base metal prices. Copper firmed overnight on output cut plans in top metal user China, but gains were capped by data showing China's factory activity slowed in November, underlining the headwinds facing demand. Ten major copper smelters in China, which consumes nearly half the world's copper, said they would cut output by 350,000 tonnes next year, and also asked the government to buy metal for its strategic stockpile. The news follows similar moves already announced by China's nickel and zinc makers.
Three-month copper on the London Metal Exchange closed up 1 per cent
nickel rose 1.1 per cent to end at $US8980 a tonne while zinc, used to galvanise steel, finished up 0.8 per cent at $US1575. Both metals have been hurt by the severe slowdown in China's steel sector, and have been unable to capitalise much on planned output cuts. Aluminium closed 1.6 per cent firmer at $US1469 a tonne, lead added 0.2 per cent to $US1649 and tin rose 0.5 per cent to $US15,125.
Iron ore, however, was down 1.7 per cent overnight to last trade at $US42.24 a tonne, according to Metal Bulletin.

Oil $41.72 +.07
AUS$ .7331
Gold $1068 +.4%

Have a good day