The ASX Today

The ASX is indicating it will open higher after a mixed session overseas, fuelled by blue chips and mining names. 

ASX SPI 200 Futures traders have added just four points to the index. However, global miners have outperformed overnight which could translate locally today. BHP's ADRs finished 2.5 per cent higher, and Rio Tinto was 2.9 per cent higher in the UK.

After a few incredibly 'up' days, the Nasdaq has lost steam and finished flat. It was a positive night for the S&P and Dow which are up 0.16 per cent and 0.25 per cent to 2,579 and 23,435 respectively. 

KEY POINTS

• Miners look set for positive start, taking spotlight back from energy stocks
• NAB next of the banks to report results this morning (dividend 99c per share, cash earnings up 2.5 per cent to $6.64 billion, cutting 4000 staff by the end of FY20) 
• September dwelling approvals data published
• September trade balance data released (last $1 billion, forecast $1.4 billion)
• September retail sales slated for release

Yesterday we saw the most positive moves in the local energy sector, but banks and materials were solid too. Overnight oil rallied and reversed, coming back to US$54.27 a barrel for WTI and $US60.46 for Brent crude. 

This is despite the conditions looking just right for more gains in the days leading up. The US government's tally of oil and gasoline held in US storage tanks failed to register withdrawals as large as those reported by the industry-funded American Petroleum Institute on Tuesday.

Base metal prices rose by up to 4.1 per cent on the London Metals Exchange on Wednesday. Nickel led the gains while zinc rose by only 0.1 per cent. Spot iron ore also rallied 1.4 per cent, and futures 3 per cent, in the overnight session.

The Australian dollar failed to crack US77c again in the overnight session, but has risen about 0.2 per cent to US76.7c this morning.

Westpac market strategists believe the Aussie is in consolidation mode between US76.25c and US77c.

All eyes are blinking towards US economic data once again. Ahead of the President Trump electing a new chair of the Federal Reserve, which is widely expected to be Jerome Powell, the US dollar has shown some volatility. Overnight the Fed left US rates unchanged overnight, as expected, in a 9-0 vote, and described US growth was “solid”.