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The ASX200 is set to open 0.53% lower today, despite strong performances on Wall Street at the end of last week, with investors instead reacting to data from China raising questions about the effectiveness of its stimulus package.
The S&P 500 rose 0.4%, and hit a new record – going past the 6,000 threshold during the trading session. The Dow also moved up – by 259 points – and closed at a record high of 44,000 for the first time, while the Nasdaq rose slightly.
China’s producer prices dropped by 2.9% year-on-year in October 2024, marking the 25th consecutive month of decline in this data and reflecting continually weak domestic demand. Alongside this was data showing that China’s annual inflation rate was 0.3% in October, down from 0.4% the previous month, this being the ninth straight month of consumer inflation but the lowest reading since June. This raised fears about deflation risks, despite a stimulus package released by Beijing in late September to support the slowing economy.
On the ASX, Kiwi cooperative Fonterra Shareholders’ Fund (ASX:FSF) increased the midpoint of its forecast farmgate milk price for the 2024/25 season from $NZ9.00 per kilogram milk solid to $NZ9.50. And Black Cat Syndicate Ltd (ASX:BC8) said mining from its Kal East Gold Operation in Western Australia was tracking well, with around 110,000 tonnes of ore mined from the Myhree/Boundary open pits up to the 31st October.
To commodities – all in US $ here: Iron ore is $103.82 on the Singapore Exchange, gold’s trading at $2685, Brent crude is $73.87 & natural gas is $2.67 a gigajoule.
One Aussie dollar is buying just under 66 US cents.
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