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The ASX200 is set to open 0.11% higher today, following Friday’s record close of 8209.5 as investors await a rate cut decision from the Reserve Bank of Australia later this week.
US stocks experienced some volatility at the end of the trading week, as the market processed a significant rate cut of 50 basis points from the Federal Reserve. Following a rally on Thursday, they ended the day mixed on Friday: the S&P 500 and Nasdaq fell 0.2% and 0.3%, respectively, while the Dow Jones increased by 36 points.
The RBA is set to meet on Tuesday, but commentators are anticipating its board may continue to postpone a cut to the cash rate, even though other central banks have chosen to cut.
Over on the ASX, as a result of a demerger at online travel agency Webjet, a new company – Webjet Group Ltd (ASX:WJL) – which represents the B2C (business-to-consumer) side of the company, is set to list on the ASX today.
New Zealand financial services company Heartland Group Holdings Ltd (ASX:HGH) has appointed Andrew Dixson as new chief executive officer, as Jeff Greenslade steps down.
And Lunnon Metals Ltd (ASX:LM8) has reported grades of up to 5.27 grams per tonne of gold across 18 metres from the Lady Herial prospect in Western Australia.
In forex, the Aussie is buying just over 68 US cents.
Looking at commodities which are priced in US dollars, Iron Ore is fetching $91.93 per tonne, Brent Crude was just over US$74.54 per barrel, Gold is at US$2,620 an ounce, and US natgas at US$2.47 per gigajoule.
