The ASX200 is set to open 0.1% higher today, influenced by losses on Wall Street as US investors began to factor in a smaller rate cut from the Federal Reserve next month.
The S&P 500 and Nasdaq fell 1% and 1.2%, respectively, while Dow Jones dropped by a significant 398 points. Following a strong jobs report at the end of last week, investors began to shift their expectations of next month’s Federal Reserve action, assuming an 84% likelihood of a 0.25% rate cut, opposed to a cut of 0.50%. This caused 10-year Treasury yields to rise above 4% for the first time since August.
Investors will also be watching China, as the country’s top economic planner delivers a press briefing on Tuesday (10 am AWST) to discuss an economic stimulus package.
On the ASX, Great Western Exploration Ltd (ASX:GTE) has discovered a significant Volcanic Hosted Massive Sulphide (VHMS) copper-gold target within the Yerrida North project in Western Australia, and Droneshield Ltd (ASX:DRO) has announced a $13.5 million contract with the US government for several of its dismounted Counter-UxS (C-UxS) systems.
To commodities – all in US $ here: Iron ore is $108.84 on the Singapore Exchange, gold’s trading at $2642, Brent crude’s at $80.91 & natural gas is $2.73 a gigajoule.
One Aussie dollar is buying 67.5 US cents.
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