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Good morning and welcome to Monday of Week 42. The local sharemarket is set to rise four tenths of a percent per futures at 8.45am AEDT after a strong US session on Friday and strength in European equities, too.
Corporate earnings season for Q3 kicks off this week in the States with any analyst predictions positive and so if a general trend of positivity informs market reaction there, we might see Wall Street continue to shrug its shoulders yet at high US bond yields.
What that means for us, of course, is contagion optimism – so that’d be a good thing. We also get US CPI data on Wednesday evening Australia time.
One downside risk remains oil volatility; currently, Brent crude prices are back above US$100/bbl and there have been new developments in the Middle East sure to tickle the fancy of bullish oil traders.
Yemen’s Houthi rebels – backed by Iran – have twice bombed a major airport in Saudi Arabia’s capital city over the weekend.
The first strike on Saturday killed at least 12 people and there are reports of ‘hundreds’ of injuries; and the Houthis struck it again for a second time in the last 12 hours.
That has led Donald Trump to suggest the US might bomb Yemen in support of Saudi Arabia – so there’s a new potential front in the ongoing Iran-US war.
Increasingly complicated, to say the least.
Looking back home, the ABS is to release September labour force data this Thursday (October 15), but how the ASX will react to that isn’t easy to guess.
Good luck and we’ll see you again for ASX Today
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