Morning traders. Thanks loungers, especially @Ravgnome. Outlook...

Morning traders. Thanks loungers, especially @Ravgnome.


Outlook for the day: Mildly negative following the local market's best session in more than a week. US markets were closed overnight for a public holiday.

ASX futures: down 14 points or 0.18%


Overnight themes:

• European stocks rose as investors reacted to optimism that US interest rate cuts are not far away following a round of soft economic data on the eve of last night's Independence Day holiday in America.
• The pan-European Stoxx 600 index climbed 0.56% to its highest in a week. Germany's DAX index put on 0.41%. France's CAC 40 index gained 0.83%.
• Buyers were encouraged by downbeat economic data from the US on Wednesday and by reports showing German industrial orders unexpectedly declined in May and inflation eased in Switzerland, sharpening the odds on another rate cut in Europe. The European Central Bank lowered its benchmark rate last month, one of the first major central banks to act.
• UK stocks advanced as Britons went to the polls for an election that appeared destined to see the Conservative Party lose power after 14 years. The FTSE 100 gained 0.86% as exit polls pointed to a Labour landslide.
• Financial stocks outperformed. The European lenders sub-index gained 1.3% after polling suggested France's far right will fall short of an absolute majority in the second round of voting this weekend.
• A rally in iron ore continued into a fifth session amid stimulus bets ahead of this month's five-yearly Chinese plenum. Benchmark prices in China rallied 1.9% to their strongest in a month.
• Oil built on Wednesday's two-month high, which followed a drawdown in US national inventories. Brent crude firmed 21 US cents or 0.2% to US$87.55 a barrel.

Key events today:

• US non-farm employment change, unemployment rate - tonight

Stoxx 600: up 0.56%

S&P 500: closed for holiday

Dow: closed for holiday

Nasdaq: closed for holiday

Dollar: up 0.24% to 67.28 US cents

Iron ore (Dalian): up 1.9% to US$119

Brent crude: up 21 US cents or 0.2% to US$87.55

Natural gas (US futures): down 2.56% to US$2.38

Gold: down US$3.80 or 0.16% to US$2,365.60

Silver: down 13 US cents or 0.43% to US$30.40

NYSE Arca Gold Bugs: no trade

Bitcoin: down 2.28% to US$58,435

Copper (LME): up 0.18% to US$9,886

Nickel (LME): down 0.89% to US$17,285

Uranium (spot price): steady at US$86.50

Lithium carbonate (China spot): up 0.33% to US$12,451

Global X Lithium & Battery Tech ETF (UK): up 0.01%

BHP: up 0.56% (UK)

Rio Tinto: up 0.56% (UK)