Ahead of the inauguration of the 45th US President markets took an each way bet on the “Trump trade”. Shares and commodities rose and bonds sold off in anticipation of a stimulatory agenda. However gold rose and the USD fell, undermining the confident theme. Asia Pacific futures markets are pointing to a differential opening, reflecting the mixed market messages.

Stronger commodity prices appeared to dominate trading in Australia 200 futures on Saturday morning. After a disappointing week they rallied around 0.5% in late trading, pointing to a positive start to this week. However a contrapuntal fall in iron ore and concerns about the outlook for US exposed healthcare stocks could see investors back away over the session.

Logistics group Brambles added to investor fears with its pre-market earnings downgrade. Citing concerns with its North American operations, guidance on profit and earnings is downgraded from an already modest 7-11%. An important driver of the downgrade is de-stocking by US customers. The end of the Australian “silly season” may see local investors selling today ahead of the return of regular trading conditions.