ASX set to fall; Meta, Microsoft drag Wall Street lower
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The news: The Australian sharemarket is set to open lower as traders take cues from heavy losses on Wall Street, where a drop in Microsoft and Meta Platforms shares curbed enthusiasm for mega caps that have fuelled the market rally.
The numbers: Updated at 7:25am AEDT:
- ASX futures: down 53 points or 0.65% at 8,117 points
- Wall Street: Dow Jones down 0.93%, S&P 500 down 1.9%, Nasdaq down 2.81%
- Europe: FTSE 100 down 0.61%, CAC 40 down 1.05%, DAX down 0.93%
- Spot gold: down 1.43% to USD2,747.61 per ounce
- Oil prices: Brent up 0.84% to USD73.16/barrel, US WTI up 2.87% to USD70.58/bbl
- AUD: up 0.15% at 65.81 US cents
- Bitcoin: down 3.06% to USD70,129
The context: Shares of Facebook-owner Meta and Microsoft fell, despite both companies beating earnings estimates. Amazon.com and Apple also dropped ahead of their quarterly results.
Meanwhile, the personal consumption expenditures price index, the Federal Reserve's preferred inflation metric, rose 0.2% in September, in line with economists' expectations, prompting traders to stick to bets for a 25-basis-point rate reduction in the Fed's November meeting.
What to Watch: Half-year results from Macquarie Group, quarterly reports from Atlassian, Amcor and annual general meetings for Steadfast Group, Austal, and Integral Diagnostics.
The source: Bloomberg
