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Global Markets rally as Oil higher...

Good Morning

Happy Friday…

We’re going to have a good day today….

U.S. stocks extended gains at an all-time high (Dow +134 points), amid corporate results that pointed to resilience in the global economy, while Treasuries slid with the yen as speculation central banks will add to stimulus sapped demand for havens.

The S&P 500 rose to a fresh record, led higher by banks as the MSCI All-Country World Index climbed a sixth day, capping its longest rally since October.

What's on today?

China GDP

Markets in a nutshell:

·         SPI futures up 5pts or 0.1% to 5388 at about 6am Sydney time

·         AUD +0.4% to 76.34 US cents, 80.43 japanese yen, 68.67 Euro cents and 57.27 British pence 

·         Can the ASX make it seven straight days of gains?  Photo: Michele Mossop

·         On Wall St, Dow +0.7%, S&P 500 +0.5%, Nasdaq +0.6%

·         In Europe, Stoxx 50 +1.3%, FTSE -0.2%, CAC +1.2%, DAX +1.4%

·         Spot gold -0.8% to $US1332.27 an ounce

·         Brent crude +2.1% to $US47.21 a barrel

·         Iron ore -1.2% to $US58.47 per tonne 

Closer to Home

Local shares set to open slightly higher as the ASX chases seven straight days of gains.

What you need2know

Italy holds its own referendum on constitutional reform of its Senate. The fallout could be undeniably significant for markets, so it's time to put this on the radar. (This video was produced in commercial partnership between Fairfax Media and IG)

Currencies

The yen weakened 0.8 per cent to 105.31 per US dollar, after earlier strengthening as much as 0.5 per cent. Former Federal Reserve chief Ben Bernanke met Japanese leaders in Tokyo this week after earlier in the year floating the idea of helicopter money, which involves the central bank directly funding government spending, with one of Abe's key advisers.

Commodities

BHP Billiton said the Samarco iron ore operation in Brazil expects to cut its workforce by 40 per cent through voluntary redundancies as it remains shut this year, after halting production in November due to a deadly dam collapse.

West Texas Intermediate crude oil rose 1.9 per cent to $US45.59 a barrel, after tumbling 4.4 per cent on Wednesday as US data showed crude stockpiles fell an eighth week, the longest declining streak since June 2015.

What happened yesterday?

Investor appetite for bank stocks offset weakness in resources and energy on Thursday to help the Australian sharemarket across the line for a sixth consecutive session of gains.

The S&P/ASX 200 index added 23 points, or 0.4 per cent, to 5411.6. It was the first close above 5400 in six weeks. The broader All Ordinaries measure climbed 21 points to 5491.8. 

Have a great weekend

Niv

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