Morning traders. Thanks @ttward and lounge lizards. Overnight...

Morning traders. Thanks @ttward and lounge lizards.

Overnight round-up and day ahead:

Aussie stocks are set to open higher for a third day after trade news and European stimulus measures pushed US stocks towards record levels.

ASX SPI200 index futures ended a volatile night session 22 points or 0.3 per cent ahead at 6670, paring gains as US stocks faded in the final hour of trade.

While the overall mood was positive, gains waxed and waned with news flow. The Dow tested the 27,300 level before closing 45 points or 0.17 per cent ahead at 27,182. The rise was the blue-chip average's seventh straight advance and left it just 0.6 per cent below its July record close of 27,359. The S&P 500 added nine points or 0.29 per cent and the Nasdaq 25 points or 0.3 per cent. The S&P 500 finished 0.8 per cent off a record.

The tone for the session was set before Wall Street opened by news of a delay in US trade tariffs and by fresh European Central Bank measures to support the European economy. The White House announced yesterday that it will postpone until October 15 tariffs on $US250 billion worth of Chinese imports that were due to come into effect on October 1. President Donald Trump described the move as a "gesture of good will". Stocks briefly soared when a news report said the administration was considering an "interim" trade deal, only to fall back again when the White House denied any such deal was under consideration.

The trade news had more impact on European stocks than a well-flagged European Central Bank decision to lower its deposit rate by ten basis points to a record low -0.5 per cent and to restart its bond-buying program. The new quantitative easing program will see the bank purchase 20 billion euros of bonds per month until the economy picks up. The pan-European Stoxx 600 responded with a tepid gain of 0.2 per cent.

The ASX 200 reached a five-week peak yesterday before trimming its rise to 17 points or 0.3 per cent. The benchmark index is on track for a fourth straight wining week, but has some catching up to do to match American gains. The index ended yesterday 190 points or 2.8 per cent below its July 30 record.

Surging iron ore prices provided much of the momentum for the local market's July all-time high. The recovery continued yesterday, with the spot price rising $3.34 or 3.5 per cent to $US98.84 a tonne. BHP's overseas listed stock responded with gains of 1.51 per cent in the UK and 0.75 per cent in the US. Rio Tinto added 1.01 per cent in the UK and 0.85 per cent in the US.

Oil missed the upswing in risk assets after OPEC stymied expectations of fresh production cuts as tensions ease between the US and Iran. OPEC's production monitoring committee urged members to stick to existing production caps but announced no new measures. Brent crude settled 43 cents or 0.7 per cent weaker at $US60.38 a barrel.

Copper rose to a six-week high amid growing optimism over the next round of trade talks, due to commence early next month. Copper traded in London rallied 1 per cent, aluminium 1.2 per cent and nickel 0.5 percent. Lead gave up 0.8 per cent, tin 3.7 per cent and zinc 0.7 per cent.

Gold edged higher for a second day as quantitative easing in Europe supported hard assets such as commodities. December gold settled $4.20 or 0.3 per cent ahead at $US1,507.40 an ounce.

The dollar has gathered support from easing trade tensions, touching a six-week high at 68.85 US cents overnight before settling little changed at 68.63 US cents.

There is nothing on the domestic economic calendar today to change the market mood. Chinese share trade is suspended for an autumn festival. Retail sales and consumer sentiment figures are potential market-movers tonight in the US.

Breakfast

Today is National "Kids Take Over the Kitchen" Day. That didn't go well.