Day trading pre-market open December 15

Morning traders. Thanks loungers, especially @Ravgnome (good to know all is well) and @Patterns.


Outlook for the day: Positive after resource stocks shine during a positive session on Wall Street.

ASX futures: up 48 points or 0.65%


Overnight themes:

• US stocks build on Wednesday's bumper gains as solid economic data bolster hopes for a "soft landing" for the economy as higher rates take effect.
• The Dow closes at a fresh record after overcoming a mid-session dip into negative territory. The S&P 500 and Nasdaq also advance.
• Retail sales defy downbeat expectations, rebounding 0.3% in November after falling by 0.2% in October. Economists had expected the contraction in spending to continue.
• “The rebound in retail sales in November provides further illustration that the continued rapid decline in inflation is not coming at the cost of significantly weaker economic growth” - Andrew Hunter, deputy chief U.S. economist at Capital Economics (per CNBC).
• The yield on 10-year US treasuries drops below 4% for the first time since August in the wake of Wednesday's rates forecast from the Federal Reserve. The US central bank foresees up to three rate cuts next year as inflation falls back towards target.
• Resource stocks are boosted by rallies in oil and metals. The US energy sector leads with a rise of 2.94%. The materials sector gains 1.68%. Also strong are real estate +2.62%, industrials +1.23% and financials +0.93%.
• The night's drags include consumer staples -1.49%, utilities -1.28% and tech -0.34%.
• The Australian dollar trades above 67 US cents for the first time since early August. The Aussie trades as high as 67.29 US cents and was lately ahead 0.5% at 66.99 cents.
• Copper has one of its best sessions this year as traders anticipate a demand boost from rate cuts next year and after China loosened deposit ratios for home-buyers to help housing demand. LME copper gains as much as 2.8% - its strongest rally since January - before trimming its advance to 2.41%. Nickel also rebounds.
• Gold pushes back towards record levels during its best session since October. Gold for February delivery finishes 2.4% ahead at US$2,044.90 an ounce after trading as high as US$2,062.90. The yellow metal's record close was US$2,089.70 earlier this month. Prices have surged in recent weeks as the US dollar and treasury yields back off recent peaks.
• Oil rises for a second session after the International Energy Agency upgrades its demand forecast for next year. The agency says it expects consumption to increase by 1.1 million barrels per day.

Key events today:

• Flash December manufacturing/non-manufacturing PMIs - 9 am AEDT
• China November factory output, retail sales, etc - 1 pm
• US flash manufacturing/non-manufacturing PMIs - tonight

S&P 500: up 12 points or 0.26%

Dow: up 158 points or 0.43%

Nasdaq: up 28 points or 0.19%

Dollar: up 0.5% to 66.99 US cents

Iron ore (Dalian): down 1.05% to US$132

Brent crude: up US$2.35 or 3.16% to US$76.61

Gold: up US$47.60 or 2.4% to US$2,044.90

NYSE Arca Gold Bugs: up 2.23%

Bitcoin: down 0.19% to US$42,936

Copper (LME): up 2.41% to US$8,531

Nickel (LME): up 3.78% to US$17,020

Uranium: up 2.97% to US$87

Lithium carbonate (China spot): down 2.29% to US$14,867

Global X Lithium & Battery Tech ETF: up 2.84%

BHP: up 2.3% (US); up 2.94% (UK)

Rio Tinto: up 2.46% (US); up 2.86% (UK)