Day Trading 3 Dec Pre Market

Morning All

Thanks Trees et al

The ASX is set to open markedly lower following weak leads from the US. Weaker commodity prices including gold and oil are also likely to create headwinds locally.
December SPI futures were lately off 53 points at 5225

European stocks were near a three-month high as the rout in commodities overshadowed optimism for additional central-bank stimulus.
The European benchmark gauge initially advanced as much as 0.6 per cent, after a report showed inflation in the euro area unexpectedly remained unchanged in November, boosting bets that European Central Bank president Mario Draghi will unveil additional stimulus measures on Thursday.
The DAX finished .6% lower, the FTSE .35% stronger.
"It's all about central banks now, but there's still substantial upside for the markets," said Teis Knuthsen, chief investment officer at Saxo Bank A/S's private-banking unit in Hellerup, Denmark. "The problem is that Draghi has to deliver something quite big. Markets don't just want a rate cut, they're also looking for an extension of QE in terms of volume, asset classes and also timeline. He needs to give us that combo."

The S&P 500 slipped 1.1%. The index has rebounded nearly 13 per cent from its low in August on growing confidence that the economy is sturdy enough to handle higher borrowing costs.
Energy shares led declines Wednesday as oil tumbled. Chevron and Exxon Mobil fell more than 1.1 per cent.
Data showed US private employers added the most number of jobs since June.
"The preponderance of data seems to support the removal of the emergency monetary policy at the next meeting," said Bill Northey, chief investment officer of the private client group at US Bank. The Fed is scheduled to meet on December 16, when it is expected to raise interest rates for the first time in nearly a decade

The House of Pain
Oil fell for the third time in four days. Saudi Arabia will consider all issues at the Friday gathering and listen to the concerns of other group members, Oil Minister Ali al-Naimi said. US crude inventories probably declined for the first time in 10 weeks, according to a Bloomberg survey.
Three-month LME copper ended down 1.6 per cent at $US4560 a tonne.  Zinc closed down 1.7 per cent at $US1549 while nickel ended flat at $US8980
"Commodities saw their worst losses in 2015 since the 2008 financial crisis", admits global commodities analyst Edward Morse, "and many commodities trade close to production cost levels, but without help from the global economy, it looks as though there will be softness ahead in the near term and especially this winter".
BHP ADR -1.5%
RIO ADR -2.75%

Iron ore off 2.6% to $41.13 tonne
Gold off 1.5% at $1053
HUI down 2.5%
Oil down 4% to $40.09
AUD$ .7302

Today's Stuff
Australia international trade data; European Central Bank sets interest rates; US initial jobless claims, factory orders, Federal Reserve Chair Janet Yellen discusses the US economic outlook in an annual appearance before the congressional Joint Economic Committee. Her comments come 12 days before the two-day policy-setting Federal Open Market Committee convenes in Washington.


Sources SMH, AFR, *****, Yahoo finance

Have a great day