Day trading pre-market open May 28

Morning traders. Thanks loungers, especially @Ravgnome.


Outlook for the day: Modestly positive after the promise of interest rate cuts helped European markets rally during a public holiday in the US.

ASX futures: up 6 points or 0.08%


Overnight themes:

• European stocks advanced after central bank policy-makers signalled interest rate cuts could start next month. Trading volumes were dulled by market holidays in the US and UK.
• The pan-European Stoxx 600 index gained 0.32% as government bond yields retreated. Germany's DAX index added 0.44%, France's CAC 40 index 0.46% and Italy's FTSE MIB index 0.79%.
• Stocks rose after European Central Bank Governing Council Member Olli Rehn said falling inflation would allow the bank to cut rates next month.
• “Thanks to this disinflationary process, inflation is converging to our 2% target in a sustained way, and the time is thus ripe in June to ease the monetary policy stance and start cutting rates,” Rehn said in a speech.
• Elsewhere, the bank's Chief Economist Philip Lane indicated his support for cuts in an interview: “Barring major surprises, at this point in time there is enough in what we see to remove the top level of restriction,” Lane told the Financial Times.
• Government bond yields fell across the continent as the odds on a June cut climbed above 90%. The ECB meets next week.
• Utilities was the pick of the sectors, gaining around 1.1%.
• Iron ore declined for a second session after a Mysteel report showed global ore shipments jumped 8.4% last week from the week before.
• Oil firmed on the prospect of a demand boost from lower rates. Brent crude gained 1.16%. US crude futures advanced 1.24%.

Key events today:

• April retail sales - 11.30 am AEST
• US consumer confidence - tonight

S&P 500: market closed

Dow: market closed

Nasdaq: market closed

Dollar: up 0.54% to 66.58 US cents

Iron ore (Dalian): down 1.1% to US$124.10

Brent crude: up US$1.16 or 1.42% to US$83.07

Natural gas (US futures): down 0.34% to US$2.51

Gold: up US$18.10 or 0.78% to US$2,352.60

Silver: up US$1.37 or 4.52% to US$31.72

NYSE Arca Gold Bugs: NYSE closed

Bitcoin: up 1.19% to US$69,507

Copper (LME): LME closed

Nickel (LME): LME closed

Uranium (spot price): down 1.05% to US$91.25

Lithium carbonate (China spot): down 0.14% to US$14,676

Global X Lithium & Battery Tech ETF: US and UK markets closed

BHP: US and UK markets closed

Rio Tinto: US and UK markets closed