ASX starts lower amid broad selloff; Telix rockets on FDA agreement
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More news: Australian shares opened lower this morning, with eight of the 11 sectoral indices dropping into negative territory. The benchmark S&P/ASX 200 index was down 39.3 points, or 0.44%, to 8,810.3 at 10:30am AEST.
Telix Pharmaceuticals (+7.7%) was the top performer on the ASX 200 after reaching an agreement with the US Food and Drug Administration on the resubmission pathway for its glioma imaging agent.
Technology was the best performing sector, up 0.6%, after the tech-heavy Nasdaq sealed a fresh record high overnight. Life360 (+4.1%) led the rally.
ANZ fell 0.8% after confirming it will cut 3,500 employees and 1,000 contractors in the next 12 months. News Corp edged up 0.2% after Lachlan Murdoch reached a multibillion-dollar settlement to secure control of the Murdoch Family Trust.
Australian shares to fall after Wall Street rallies on Fed cut hopes
The news: Australian shares are set to lower this morning, after US shares rallied overnight as investors almost fully priced in a quarter-point cut at next week's meeting of the Federal Reserve.
The numbers: Updated at 7:30am AEST:
- ASX futures: down 31 points to 8,826
- Wall Street: Dow Jones up 0.25%, S&P 500 up 0.21% and Nasdaq up 0.45%
- Europe: CAC 40 up 0.78%, DAX up 0.89% and FTSE 100 up 0.14%
- Spot gold: up 1.37% to USD3,636 per ounce
- Oil prices: Brent up 0.32% USD66.23/bbl and US WTI up 0.95% to USD62.46/bbl
- AUD: down 0.48% to 65.91 US cents
- Bitcoin: up 0.87% to USD112,109.
The context: The Nasdaq sealed a record high close, while the S&P 500 also climbed, as investors bet the Federal Reserve will lower borrowing costs next week.
Investors now expect multiple interest rate cuts this year after a troubling nonfarm payrolls report on Friday added to concerns about a weakening US job market.
The report, which had triggered a selloff on Wall Street in the previous session, has stoked fears of a potential slowdown in the world's biggest economy.
