Wall Street ended higher overnight in a muted day of trade ahead of CPI data Wednesday. Dow Jones up 210 points (+0.62%). Dow at best up 223 points. Dow at worst down 29 points. S&P 500 up 0.24%. NASDAQ was little changed up 0.18%. VIX +1.62%. US treasuries were lower, 2Y yields continued to come off last week’s 5%+ highs, and the greenback softened with the USD Index falling 0.29% to 101.98. Oil eased on the increasing likelihood of more rate hikes, but crude supply cuts limited losses while iron ore continued to fall back toward US$100 a tonne. Among stocks, chip makers Intel +2.79% and Qualcomm +1.02% found support after US Treasury Yellen said over the weekend that meetings with senior Chinese officials were “direct” and “productive”.

• ASX to rise. SPI Futures up 43 points (+0.62%)
• Westpac Consumer Confidence at 10.30 am; NAB June Business Confidence and Conditions at 11.30 am.
• Gold flat overnight as the Fed signalled, they may be near the end of rate hikes.
• Copper rose 0.14%, steadying on a weaker USD.
• Nickel -0.08% Aluminium +0.14% Zinc flat, Lead +0.17% Tin -1.43%
• WTI Crude and Brent fell 1.16% and 0.82% as Iran signed a $27bn deal aiming to boost production.
• 10Y Bond yields: US 4.0%, Australia 4.2%, and Germany 2.63%.

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