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Wall Street’s gains are giving Australian shares a positive lead on Thursday, but the market is still grappling with the prospect of higher interest rates after Australia’s inflation surprise.
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ASX 200 futures were pointing to a firmer open, up around 0.45% in early trading indications. In the US, the S&P 500 gained 0.28% and the Nasdaq rose 0.27%, with investors weighing technology earnings and the Federal Reserve’s latest rate decision.
What to watch today
Can the market build on its global lead?
The ASX 200 finished Wednesday almost flat, down 0.03% at 8,847.3, after hotter-than-expected inflation lifted expectations of another RBA rate rise next week.
The sector split was more telling. Technology gained 2.36% and materials rose 1.07%, while energy fell 2.45% and consumer discretionary stocks lost 1.53%.
Today’s question is whether buyers return to the broader market or continue favouring selected sectors. Banks, retailers and property stocks will be worth watching as investors reassess the interest-rate outlook, while technology and resources remain in focus after Wednesday’s gains.
On the calendar
- 11:30am AEDT: September-quarter international trade price indexes from the ABS.
- Tuesday, 3 November: The RBA’s next interest-rate decision.
With inflation running hotter than expected, markets will be looking for further clues on the outlook for rates. The RBA decision is now a key event for investors heading into next week.
The ASX 200’s near-flat finish masked some substantial sector moves, highlighting how differently investors are positioning across the market.
Overnight technology earnings will also be in focus, with investors looking for signs that the AI trade can sustain its momentum. The reaction to major US company results may influence sentiment towards Australian technology and growth stocks today.
Where are we headed?
For local investors, the mix matters: stronger oil prices may support energy producers, while gold’s slight pullback offers a different signal for precious-metals stocks. Copper’s modest gain is another indicator to watch across the resources sector.
The bottom line: A positive lead from Wall Street points to a firmer start, but inflation and the looming RBA decision could keep investors selective
Local market news
Vita Resources (ASX: VTA) has interpreted the Mt Morgans gold trend extends into Ninnis Gold;
Mamba Exploration (ASX: M24) has drilling underway at Meeka East;
Forrestania Resources (ASX: FRS) has signed a binding ore purchase agreement with High-Tech Metals;
Nelson Resources (ASX: NES) is set to commence drilling with the Bazooka drill rig mobilised; and
New Murchison Gold (ASX: NMG) has extended Crown Prince with a high-grade gold intersection
Buck and ore
Now – in forex, the Oz dollar is buying US$0.705,
Looking at commodities, all in the greenback,
Iron Ore was steady at $90.70 in Singapore today,
Brent Crude was up 0.294 $114.174 per barrel,
Gold was selling at $4067.15,
US natgas futures were up 0.91% to $3.0314 per gigajoule.
| PLS | 23.4K views |
| 4DX | 20.5K views |
| TLG | 7.3K views |
That’s HotCopper’s Market Open, I’m Colin Sandell-Hay – happy trading.
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