ASX set to open lower after lack of China stimulus
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The news: The Australian sharemarket is poised to start the week on the back foot, despite gains on Wall Street on Friday, as the lack of a direct fiscal stimulus in China weighs on exporters.
The numbers: Updated at 7:25am AEDT:
- ASX futures: down 36 points or 0.43% at 8,281 points
- Wall Street: Dow Jones up 0.59%, S&P 500 up 0.38%, Nasdaq up 0.09%
- Europe: FTSE 100 down 0.84%, CAC 40 down 1.17%, DAX down 1.76%
- Spot gold: down 0.81% to USD2,684.77 per ounce
- Oil prices: Brent down 2.33% to USD73.87/barrel, US WTI down 2.74% to USD70.38/bbl
- AUD: down 0.07% at 65.79 US cents
- Bitcoin: up 3.42% to USD79,379.71
The context: US stocks extended gains on Friday as Donald Trump's election victory and a 25 basis points rate cut by the Federal Reserve boosted sentiment. However, US-listed stocks of Chinese companies lost ground as Beijing's latest fiscal support measures once again failed to impress investors hoping for a revival in economic growth in that country.
What to Watch: The UBS Australasia Conference 2024 kicks off with speakers discussing Australia’s macroeconomic outlook.
The source: Bloomberg
