TMH Market Open: ASX200 expected to trade flat as US stocks slip following Biden-Xi summit

Well before we get underway today, we have some important news ourselves. Our parent company The Market Herald Limited has today changed its name to The Market Limited with a new ticker code MKT. Our old ticker TMH no longer exists.

The change is about cementing the business as an online marketplace across both the Gumtree Group and in the capital markets via HotCopper and its equivalent in Canada.

The Market Herald online site will also soon change its name to The Market Online – we’ll update you as that comes close.

Now… back to the markets…

The ASX200 is again to be trading pretty flat… it may edge just slightly higher.

Overnight, the NASDAQ lost half a per cent, the Dow Jones a third of a per cent and the S&P500 slipped, but only by the tiniest of margins, (.022 per cent),

US President Joe Biden and President Xi Jinping of the People’s Republic of China (PRC) met in a face-to-face Summit yesterday at Woodside, California.

U.S. crude prices plummeted 5 per cent to a four-month low – due to large inventories.

Amazon has partnered with Hyundai to sell cars online from early next year and here’s an interesting one, Burberry shed nine per cent overnight reporting that spending on luxury items – especially in China – has slowed.

Pressure on Optus following a nationwide outage last week and Optus CEO Kelly Bayer Rosmarin does not seem to be subsiding. She’s appearing before a Senate Inquiry today over the nationwide outage last week. She’ll be asked questions about the extensive network failure, including why customers couldn’t dial for emergency help via Triple-0.

The Aussie dollar is buying 65 US cents

Bitcoin has gained 4.83 per cent overnight to $56,955. Uranium is continuing its rally, up more than seven per cent in a month.

Iron ore remained stable, at $133 a tonne, as mentioned Crude oil plunged to $76.9 a barrel, gold was up 1.14 per cent to $1981.60 and natural gas slipped just over four per cent, to $3.10.