ASX set to fall after Wall Street losses
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The news: The Australian sharemarket is set to open sharply lower as investors take cues from Wall Street where a post-election stocks rally stumbled and bond yields rose ahead of key inflation data.
The numbers: Updated at 7:25am AEDT:
- ASX futures: down 81 points or 0.98% at 8,203 points
- Wall Street: Dow Jones down 0.52%, S&P 500 down 0.10%, Nasdaq down 0.02%
- Europe: FTSE 100 down 1.22%, CAC 40 down 2.69%, DAX down 2.13%
- Spot gold: down 0.77% to USD2,598.56 per ounce
- Oil prices: Brent up 0.19% to USD71.97/barrel, US WTI up 0.22% to USD68.19/bbl
- AUD: down 0.62% at 65.33 US cents
- Bitcoin: up 0.96% to USD89,426.33
The context: Investor enthusiasm dampened on Wall Street and in European markets as policymakers warned that increased tariffs from the Trump administration would hamper global growth.
The profit booking comes a day ahead of US consumer price inflation data, followed by producer prices inflation and retail sales data later this week. Markets have already dialled back expectations for interest-rate reductions over the next year.
What to Watch: Quarterly reports from Commonwealth Bank, James Hardie, Aristocrat Leisure and Life360; annual general meetings for Endeavour Group, Sims, Medibank and Beach Energy among others; and quarterly Wage Price Index data for the September period at 11:30 AEDT.
The source: Bloomberg
