Join our daily newsletter At The Bell to receive exclusive market insights
The Australian market is set to open lower this morning with futures down 0.4% – on cue from the Dow Jones, which contracted 0.8% overnight with the S&P500 shedding 0.3% and only the Nasdaq glowing green in New York, up 1.3%.
Tesla (2.6%), Microsoft (0.7%), Amazon (0.4%) and Apple (0.5%) were all up at the closing bell.
Nvidia pared back losses after three days of profit taking and rose 6.8% and is still up 155% for the year, while in Canada inflation climbed with the consumer price index rising 2.9% in May from a year ago and up from 2.7% in April.
Two more inflation reports are due before the Bank of Canada deliberates over rates on July24.
In Australia all eyes are on monthly CPI figures to be released at 11:30 AEST this morning ahead of the latest US personal spending, income and inflation data on Friday.
Seven West (ASX:SWM) is in the spotlight after axing three senior executives with analysts having red flagged structural challenges at the media company believed to be impacting profit margins. Struggling Star Entertainment Group (ASX:SGR) has appointed a new chief executive officer and managing director after its shares had tumbled the day before on a profits downgrade reflected in group revenue of $1,67 million for FY24, down from $1.86m in the prior year.
The Australian dollar was buying 64 US cents. Brent crude slipped 1.2% to $84.94 a barrel and gold dipped 0.6% to US$2319.60. Iron ore was up 0.5% to US$103.05 a tonne and natural gas was down 0.71% priced at US$2.79 per gigajoule.
