Markets Live: No love for ASX

And just ahead of the open, here are all the overnight market highlights:

SPI futures down 23 points or 0.4% to 6003 at about 8.15am AEST AUD +1.1% to 76.47 US cents (Overnight peak 76.66) On Wall St: Dow +0.7%, S&P 500 +0.5%, Nasdaq +0.7% In New York, BHP -0.1% Rio +0.2%, Atlassian +0.6% In Europe: Stoxx 50 +0.5%, FTSE +0.5%, CAC +0.1%, DAX +0.4% Spot gold -0.1% to $US1292.81 an ounce at 3.06pm New York time Brent crude -1.9% to $US75.34 a barrel US oil -1.4% to $US64.86 a barrel Iron ore -1% to to $US65.47 a tonne Dalian iron ore +0.9% to 463 yuan LME aluminium +0.4% to $US2314 a tonne LME copper +1.1% to $US6975 a tonne 2-year yields: US 2.50%, Australia 2.04% 5-year yields: US 2.78%, Australia 2.38% 10-year bond yields: US 2.94%, Australia 2.73%, Italy 2.50%, Spain 1.31%

On the economic agenda:

Net exports and government spending data at 11:30am AEST China Caixin Services PMI and Composite PMI at 11.45am AEST RBA to leave rates on hold for the 20th meeting in a row US ISM Non-manufacturing index for May tonight

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After a strong May, commodities like crude oil and precious metals may have a difficult month ahead if the past two trading days are any indication, write IG’s John Kicklighter and Tyler Yell:

Markets are naturally focused on global trade tensions that could disrupt order flow of steel and aluminum as US President Trump continues to stoke the fires of trade wars. China pushed back saying any progress made previously through negotiations could be undone by the pressure. Trade tensions are giving a short-term premium to base metals as aluminum has climbed higher for the third day on the LME. For oil, the biggest

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