S&P/ASX 200 futures suggest a positive start but oil hit hard

S&P/ASX 200 (INDEXASX:XJO) has bounced around over the morning after selling off early on more trade news to going slightly positive just before midday.

In an unexpected move, President Trump will impose a 5% tariff from June 10 on Mexico.

The tariff will rise steadily to 25% until illegal immigration across the southern border stops.

Dow set to drop more than 150 points after Trump announces tariffs on Mexican imports https://t.co/1gB22bQXIN

— CNBC (@CNBC) May 31, 2019 Pre-market: S&P/ASX 200 futures suggest a positive start but oil hit hard

ASX 200 futures are up around 0.3% early on suggesting a positive end to the week but the oil sector may be in for a tough day.

Both the S&P 500 Index (INDEXSP:.INX) and the Nasdaq Composite (INDEXNASDAQ:.IXIC) finished slightly higher overnight.

Crude Oil WTI was down over 5% from its intraday high and closed near its low at levels not seen since March 2019.

AU Private sector credit and China manufacturing data today

At 11.00am today we have China releasing their Manufacturing PMI (forecast: 49.9) and non-manufacturing PMI data (forecast: 54.3) – these can be market-moving releases.

At 11.30am, the Reserve Bank of Australia (RBA) releases its monthly change in private sector credit (forecast: 0.3%).

It is the change in the total value of new credit issued to consumers and businesses and is a measure of confidence as lending increases when confidence is higher.

[VIDEO] US shares rose by 0.2% on Thursday; bouncing off Wednesday’s 3-month lows; defensive stocks led the market higher; commodities slumped; bonds strengthened. More here. https://t.co/a2qFuH74qN #ausbiz

— CommSec (@CommSec) May 30, 2019

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