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Australian shares are heading into Week 32 with a dip: ASX 200 futures are pointing to a 0.49% loss at the open on Monday as traders around the globe reassess their investments amid signs that the U.S. economy is slowing down.
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Wall Street has already retreated on softer-than-expected July payrolls (just 73K jobs were added through the month), and Trump’s reignited tariffs blitz isn’t helping either – the S&P 500 dived -1.6% while the Nasdaq dropped -2%. Europe’s Stoxx struggled quite a lot too, falling -2.5% through its last trading day.
Through all this, Trump also made the call to “shoot the messenger” and sacked the Bureau of Labor Statistics commissioner, Erika McEntarfer, after the reports.
The bottom line: Wall Street just had its worst day since May, and Oz is feeling it.
There’s lots happening in company news that may turn the dial too, with ResMed (ASX:RMD) commercial chief Bobby Goshal re-signing today.
Plenty to come from the earnings season too, with REA Group (ASX:REA), AMP (ASX:AMP), News Corp (ASX:NWS), Nick Scali (ASX:NCK), QBE Insurance (ASX:QBE), and Block Inc (ASX:XYZ) among those to come in Week 32.
Talga Group (ASX:TLG) just joined the QTCQX bourse in the U.S. today, too.
For stats, we’ll get things like the ABS Household Spending Indicator (Tuesday) and Australia’s international trade balance (Thursday) this week.
Investors will also get to pore over June’s trade figures when that drops on Aug. 7.
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To forex, the Aussie dollar opens W32 at 64.6 US cents.
To commodities, all of which are in the greenback,
Iron Ore is slowly ticking up, adding +0.8% to $100.60 a tonne in Singapore,
Brent Crude is at $69.23,
Gold is up as traders turn to safety, at $3,363 per ounce, and,
US natgas futures are down -1% early this week at $3.06 per gigajoule.
That’s HotCopper’s Market Open, I’m Isaac McIntyre – good luck and happy trading.
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