Better than expected reads on PMIs in Europe and the US, and further support for tech stocks, weren’t enough to lift headline indices in overnight trading. Bond market rallies and a becalmed US dollar added to perceptions that enthusiasm for growth exposures paused. Commodities were the exception as both copper and oil rallied on supply concerns. Regional traders may look to Japanese wages data and an Australian GDP read for guidance today.

US, German and UK forward looking indicators registered better than expected expansion, partially offset by disappointment in Italy and France. The Euro lifted slightly, but investors failed to support shares as the newly appointed Italian PM cast himself as a tough EU negotiator. The lack of market enthusiasm may reflect previous gains rather than new concerns.

Copper prices jumped back towards 2018 highs as BHP readied itself for annual negotiations with unions representing workers at the globally significant Escondida mine. The gains occur against a backdrop of steadily increasing demand, and oil regained some recently lost ground. Resource shares will likely feature in trading today.

Analysts are revising upward forecasts for today’s Australian GDP in light of stronger export data released earlier in the week. The combination of higher growth expectations and a lower Australian dollar could see the local index outstrip the futures markets 10 point overnight gain.

CMC Markets is an execution-only service provider. The material (whether or not it states any opinions) is for general information purposes only, and does not take into account your personal circumstances or objectives. Nothing in this material is (or should be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by CMC Markets or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.

CMC Markets Singapore may provide or make available research analysis or reports prepared or issued by entities within the CMC Markets group of companies, located and regulated under the laws in a foreign jurisdictions, in accordance with regulation 32C of the Financial Advisers Regulations. Where such information is issued or promulgated to a person who is not an accredited investor, expert investor or institutional investor, CMC Markets Singapore accepts legal responsibility for the contents of the analysis or report, to the extent required by law. Recipients of such information who are resident in Singapore may contact CMC Markets Singapore on 1800 559 6000 for any matters arising from or in connection with the information.