Morning traders. Thanks loungers, especially @Ravgnome and @Patterns.
OVERNIGHT ROUND-UP:
Outlook for the day: Remember the January rally? Yeah, that looks like history. ASX futures imply we’ll go below 7100 today. ASX 200 started the year at 7039.
Key themes:
· Bank panic: collapse of US tech lender sends shivers through financial sector. Biggest US bank failure since 2008. Contagion worries drive S&P financial sector down 1.76% to lowest since October.
· February US jobs report mixed but with market-friendly elements: more jobs created than economists expected, but wage growth cools and jobless rate rises.Overshadowed by above.
· All 11 US sectors fall. Defensives down less than cyclicals.
ASX futures: down 44 points or 0.62%
S&P 500: down 57 points or 1.45%
Dow: down 345 points or 1.07%
Nasdaq: down 199 points or 1.76%
Dollar: up 0.15% this morning to 65.91 US cents
Iron ore: up 0.1% to US$131.76. (+0.9% for week.)
Brent crude: up US$1.19 or 1.5% to US$82.78. (-3.6% for week.)
Gold: up US$32.60 or 1.8% to US$1,867.20. (+0.7% for week.)
NYSE Arca Gold Bugs:up 1.36%
Copper (LME): down 0.86% to US$8,777
Global X Lithium & Battery Tech ETF: down1.64% to two-month low.
BHP: down 1.02% (US); down1.17% (UK)
Rio Tinto:down 1% (US); down 0.98% (UK)
