Morning Call 31/05/2019

The ASX 200 will likely open modestly higher following mixed leads from overnight trading. Europe and Wall Street were higher on the back of bargain hunting. Industrial commodities were lower, while precious metals were higher. The Aussie dollar was marginally lower. On the domestic economic front, private sector credit data will be published. In overseas economic news, China’s manufactory Purchasing Managers Index will be released later in the day, which could have a major bearing on how our market closes. While our market is likely to get off to a positive start, we believe further profit taking ahead of the looming weekend will keep a cap on gains, with the ASX 200 to close marginally lower.

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