Morning traders. Thanks loungers, especially @Ravgnome and @Patterns.
Outlook for the day: Negative ahead of this afternoon's RBA interest rate decision following a session-long fade in Europe as Wall Street remained closed for Labor Day.
ASX futures: down 19 points or 0.26%
Overnight themes:
- A European rally fizzles out ahead of the resumption of trade in the US tonight following the Labor Day long weekend.
- The pan-European Stoxx 600 index closed 0.04% in the red after trading near a four-week high earlier in the session. Britain's FTSE 100 sheds 0.16%, GErmany's DAX index 0.1% and France's CAC 40 index 0.24%.
- Early gains are reined in by increases in European bond yields.
- Europe's basic resources sector gains 0.6% following Chinese moves to support its property sector. Tech and travel & leisure stocks also rally.
- Iron ore edges to a five-month high following changes to Chinese borrowing rules to encourage home-buyers and news on Friday of an unexpected increase in Chinese manufacturing activity.
- Oil is boosted by the prospect of Saudi Arabia this week extending voluntary production cuts that put a floor under prices earlier this year.
Key events today:
- Interest rate decision - 2.30 pm AEST
- China services PMI - 11.45 am
Stoxx 600 (Europe): down 0.04%
S&P 500: closed overnight. Futures down 2 points or 0.03%
Dow: closed overnight. Futures down 47 points or 0.13%
Nasdaq: closed overnight. Futures up nine points or 0.05%
Dollar: up 0.17% to 64.63 US cents
Iron ore (Dalian): up 0.1% to US$116.20
Brent crude: up 45 US cents or 0.5% to US$89
Gold: down US$2.90 or 0.15% to US$1,964.20
NYSE Arca Gold Bugs: NYSE closed for public holiday
Copper (LME): down 0.59% to US$8,450
Nickel (LME): up 0.19% to US$21,020
Lithium carbonate (China spot): steady at US$28,627
Global X Lithium & Battery Tech ETF: up 0.79% (UK listing)
BHP: up 1.67% (UK); US closed for public holiday
Rio Tinto: up 0.55% (UK); US closed for public holiday
