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.