Day trading pre-market open September 2

Morning traders. Thanks loungers, especially @Ravgnome and @Patterns.


Outlook for the day: Soft as a decline in iron ore partly offsets modest gains in US stock futures and European shares, and a record night for gold.

ASX futures: down 8 points or 0.09%


Overnight themes: ​

• European stocks and US stock futures rose during last night's Labor Day US market holiday as plans to send European troops to Ukraine boosted defence stocks.​
• The pan-European Stoxx 600 index firmed 0.23%. Germany's DAX gained 0.57%. Britain's FTSE 100 index inched up 0.1%. France's CAC 40 added 0.05%. ​
• Defence stocks outperformed following a Financial Times report that the European Union plans to base troops in Ukraine as part of a post-war security guarantee. Notable gainers included Rools-Royce Holdings and BAE Systems. The latter got an additional lift from a contract win to supply Norway with frigates. "The possibility of additional support for Ukraine can only be beneficial as far as stocks are concerned and investors are really buying into that," Fiona Cincotta, senior market analyst at City Index, told Reuters.​
• Healthcare was the night's other standout sector after Danish giant Novo Nordisk reported positive trial results for its Wegovy drug in reducing the risk of heart disease. ​
• US stock futures advanced after an appeal court ruled most of President Donald Trump's tariffs were illegal. The Court of Appeals ruled against the White House's attempt to use a 1977 law to justify the duties, but allowed the tariffs to remain in place until October 14 while an appeal takes place. S&P 500 futures lifted 0.14%. Dow futures improved 36 points or 0.08%. Nasdaq futures tacked on 0.18%. ​
• Gold futures hit an all-time high and silver traded at its strongest since 2011 as expectations of a September rate cut in the US weighed on the greenback. US gold futures were lately ahead US$29.90 or 0.85% at US$3,546 an ounce after hitting a new peak at US$3,557.10. Spot gold was up US$26.83 or 0.78% to US$3,476.08 an ounce, within touching distance of its April 22 record of US$3,500.05. Spot silver jumped US$1.01 or 2.54% to US$40.72 an ounce. "Silver is making a move higher in response to expectations of lower rates, while a tight supply market is helping to maintain an upward bias," KCM Trade's chief market analyst, Tim Waterer, told Reuters.​
• BHP and Rio Tinto retreated in UK trade as iron ore prices fell to their lowest in more than a week. Benchmark ore on China's Dalian Commodity Exchanged dropped 2.67% to US$107.09 a metric ton amid reports of shrinking margins among steel-makers. The Singapore ore benchmark declined 2.05% to US$101.35. "Narrower steel margins, coupled with expectations of lower hot metal output, have put pressure on ore prices," analysts at Hongyuan Futures wrote. BHP slipped 0.34% in overnight UK action. Rio shed 0.85%. ​
• Copper touched its highest in more than five weeks following an expansion in Chinese manufacturing, but fell away later in the session. A private survey yesterday showed factory activity expanded last month at the fastest pace in five months. Benchmark copper on the London Metal Exchange faded to a loss of 0.27% at US$9,875 per metric ton after touching its highest since July 24. Nickel, zinc, lead and tin all rose. "Macro and cyclical conditions in China are generally on the up. That should be good for final demand," WisdomTree commodity strategist Nitesh Shah, told Reuters. ​

Key events today: ​

• Q4 current account - 11.30 am AEST​
• US manufacturing - tonight ​

Stoxx 600: up 0.23%

S&P 500: US markets closed

Dow: US markets closed

Nasdaq: US markets closed

VIX: US markets closed

US 10-year treasury yield: 4.233%

Dollar: up 0.14% to 65.52 US cents

Iron ore (Dalian): down 2.67% to US$107.09

Brent crude: up 67 US cents or 1% to US$68.15

Gold (futures): up US$29.90 or 0.85% to US$3,546

Gold (spot): up US$26.83 or 0.78% to US$3,476.08

Silver (spot): up US$1.01 or 2.54% to US$40.72

Palladium (spot): down US$45 or 4.07% to US$1,061

Antimony (China ore): up 0.02% to US$19,557

NYSE Arca Gold Bugs: US markets closed

Bitcoin: down 0.44% to US$108,480

Copper (LME): down 0.27% to US$9,875

Nickel (LME): up 0.45% to US$15,475

Lithium carbonate (China spot battery grade): down 1.61% to US$9,698

Global X Lithium & Battery Tech ETF: US markets closed

Uranium (spot): steady at US$76.03

Global X Uranium ETF (URA): US markets closed

BHP: Down 0.34% (UK); US markets closed

Rio Tinto:down 0.85 % (UK); US markets closed ​