Wall Street closed the week in retreat after comments from US Federal Reserve chair Kevin Warsh about inflation saw interest rate head higher and equity markets lower.
The ASX is likely to follow that lead, with futures markets pricing in a 0.4 per cent slide on opening.
Follow the day’s financial news and insights from our specialist business reporters on our live blog.
Disclaimer: this blog is not intended as investment advice.
Market snapshot
- ASX 200 futures: -0.4% to 9,009points
- ASX 200 (Friday): +0.6% to 9,092 points
- Australian dollar: flat at 71.58 US cents
- Wall Street: S&P 500 -0.3%, Dow flat Nasdaq -0.5%
- Europe (Friday): Dax +0.8%, FTSE +0.3%, Eurostoxx 600 +0.5%
- Spot gold: -3.2% to $US4,453/ounce
- Oil: Brent futures -0.4% to $US89.31/barrel, WTI futures -0.2% to $US83.40/barrel
- Iron ore (Friday): +1.0% to $US98.75 tonne
- Copper (LME): +0.4% to $US17:00am AEST4,306/tonne
- Bitcoin: +0.7% $US78,689
Prices current at around 7:00am AEST
Good morning
Good morning and welcome to another day on the ABC markets and finance blog.
Stephen Letts from ABC business team limbering up for a blow-by-blow coverage of the day’s events, where every post is hopefully a winner, but none should be construed as financial advice.
Wall Street closed the week on a negative note, with the S&P 500, slipping 0.3% but still gained 0.5% over the week.
The ASX also looks like losing ground today
When trading closed on Saturday morning, ASX 200 futures were pointing to a 0.4% decline today.
Data-wise it’s a busy day ahead with more Q2 GDP partials being released. Company profits and inventories will be fed into Wednesday’s Q2 National Accounts equation at 11:30am.
China’s National Bureau of Statistics will publish its “official” August Purchasing Managers’ Index (PMI) survey.
The August reporting season also wraps up today with Monash IVF (if its auditor’s report is ready – there was doubt last week), Michael Hill International and Coventry Group scheduled to release results.
The interesting ones though maybe dropped in the witching hour for laggards, those hoping to bury their results, somewhere between 5.00pm and midnight.
As always, the game’s afoot, so let’s get blogging.
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