TMH Market Open: ASX to open flat ahead of key ABS data releases

The ASX200 futures lie flat this morning after a confident night on Wall Street as consumer inflation expectations for the next year dropped to 3.5 per cent in July, the lowest level in more than two years.

Also, Goldman Sachs put weight behind there being no further interest rate hikes this year and a first interest rate ‘cut’ in the second quarter of next year. 

On the downside, concerns continue to bubble around the state of China’s property market.

The NASDAQ climbed more than a per cent while the S&P added half a per cent.

The Dow was up – just slightly.

Chipmaker Nvidia had a strong session – up seven per cent on bullish sentiment around its AI potential. 

Chipmaker Micron Technology followed suit – up more than six per cent.

Amazon was up one and a half per cent and Google parent Alphabet lifted 1.4 per cent. 

Tesla lost more than a per cent – punished for reducing the price of some Model Y electric vehicles for the Chinese market.

Back home, two key pieces of data are being released by the Australian Bureau of Statistics today. 

The wage price index for the June quarter will show how the country’s workers and wages have been impacted by inflationary pressures and rising interest rates. 

Key housing data will provide a snapshot of accommodation and population data. 

The Aussie dollar is still below 65 US cents and under 60 Euro cents.

In commodities crude oil is down close to a per cent to around US$82 a barrel – gold dipped to about US$1907 an ounce.

And iron ore has been just under $105 a tonne.