Morning traders. Thanks loungers, especially @Ravgnome and @Patterns.
Outlook for the day: Highly positive after the Dow has its best night in more than a month and ASX heavyweights BHP and Rio Tinto soar in overseas trade.
ASX futures: up 88 points or 1.22%
Overnight themes:
- US stocks take wing as investors bet the economy is running strong enough to avert a recession without pushing the Federal Reserve towards a rate hike this month. Market sentiment is lifted by a strong debt for the biggest tech IPO of the year.
- The Dow jumps almost 1%, its best single-day return since early August.
- Retail sales increase 0.6% in August, but July figures are revised downwards.
- First-time claims for unemployment benefits creep higher from 217,000 to 220,000 last week.
- Producer prices jump 0.7% in August, lifting 12-month growth to 1.6% from 1.2% in July.
- "There is nothing in today's reports to prompt a Fed rates response next week...The economy is in a good place for now with moderate consumer demand that is not hot enough to bring inflation back to life" - Christopher Rupkey, chief economist at FWDBONDS.
- The odds on a September rates pause stick at 97%, but bets on a November hike rise to 67%.
- UK chip designer Arm Holdings soars 24.69% upon listing on the Nasdaq, boosting confidence that investors will support the IPO market after a long lull in major listings.
- "The game is back on. Capital markets are open for business. You're going to see so many IPOs in the next 12 weeks your head is going to spin" - Thomas Hayes, chairman of Great Hill Capital.
- All 11 US sectors rally, led by real estate, utilities and materials. Sector gains range from 0.25% (health) to 1.71% (real estate).
- BHP and Rio Tinto surge 4% on overseas exchanges after iron ore touches a six-month high in Singapore. Benchmark ore on the Singapore Exchange climbs 0.78% to US$120.35 a ton, the highest since March 17.
- US oil settles above US$90 a barrel for the first time this year. West Texas Intermediate crude gains US$1.64 or 1.9% at US$90.16. The international benchmark, Brent crude, logs its strongest close since November.
Key events today:
- China factory production, retail sales, unemployment - 12pm AEST
- US industrial production, consumer sentiment - tonight
S&P 500: up 38 points or 0.84%
Dow: up 332 points or 0.96%
Nasdaq: up 112 points or 0.81%
Dollar: up 0.19% to 64.33 US cents
Iron ore (Dalian): up 0.82% to US$118.68
Brent crude: up US$1.82 or 2% to US$93.70
Gold: up 30 US cents or 0.1% to US$1,932.80
NYSE Arca Gold Bugs: up 0.99%
Copper (LME): up 0.25% to US$8,438
Nickel (LME): up 0.4% to US$20,230
Lithium carbonate (China spot): down 0.26% to US$26,226
Global X Lithium & Battery Tech ETF: up 1.13%
BHP: up 3.99% (US); up 4.7% (UK)
Rio Tinto: up 4.63% (US); up 4.73% (UK)
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