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The ASX200 is set to open flat for Friday… with futures suggesting it’ll be in the red by just three points.
All the US indices continued a downward run despite data showing the economy had grown 4.9 per cent last quarter … the NASDAQ notched its poorest performance in two and a half years losing one and three-quarters of a per cent (1.76 per cent) – JP Morgan argues it’s now in correction territory. Alphabet had a dreadful session and certainly didn’t help the overall performance of the NASDAQ.
The S&P 500 was down for the seventh of eight sessions dropping nearly 1.2 per cent. As that’s dropped below its 200-day moving average, it’s set off a pattern of systematic selling.
The Dow Jones was also down by three-quarters of a per cent.
Back home, two new companies are set to debut on the ASX today. Newmont Corporation is already listed in New York and Toronto. The gold mining giant is coming back to the ASX under the ticker code NEM.
The listing follows its $26 billion acquisition of Newcrest Mining (ASX:NCM).
And Chariot Corp will be an ASX-listed but US-based lithium explorer.
It has the Black Mountain hard rock and the Resurgent claystone lithium projects and has raised $15.5 million at 45 cents a share.
Another important inflation measure will be released later this morning. The September quarterly Australian Producer Price Index data provides an indication of price changes for manufacturers – before reaching consumers. It was up half a per cent for the June quarter and 3.9 per cent for the 12 months to then.
The Aussie dollar is still at 63 cents, iron ore $118.48, gold is at $1995 an ounce, oil shed two and a quarter per cent and natural gas is up to $3.23.
