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The ASX 200 will open 0.47% lower today, futures are predicting, as Australian investors take a very deep breath before this week’s one-two punch that is the RBA’s latest interest rates decision and the Trump vs. Harris U.S. election.
Stocks in the U.S. finished in the red for the same reasons – the election and the Federal Reserve’s policy decision this week. The Dow Jones was down worst at -0.5%.
Back home, everything points to the RBA and its big interest rates decision today at 2.30pm (AEDT). Michele Bullock’s address comes at nearly the same time as the Melbourne Cup jump. (A shame they didn’t partner up for a blockbuster day.)
The general sentiment around this afternoon’s rate call is that Bullock and the RBA will hold the cash rate at 4.35%, even as the Federal Reserve is tipped to trim.
That’s despite the trimmed mean inflation decreasing by 0.5% to 3.3% through September.
Beyond the RBA wait, HotCopper interest focused on Augustus Minerals (ASX:AUG) this morning after the miner acquired a gold exploration project near Leonora.
Aussie investors will also get another day to move on news Mineral Resources (ASX:MIN) has dumped founder and managing director Chris Ellison after the two-week saga around his alleged tax evasion – it took a $4 battering on Monday to finish at $36.70. Mr Ellison will end his time at MinRes in the next 18 months.
Domino’s Pizza Enterprises (ASX:DMP) CEO Don Meij is also retiring after 22 years.
Looking at forex, the Aussie dollar is buying 65.8 US cents.
To commodities, which are in the greenback,
Iron Ore has dropped again, to $102.49 a tonne in Singapore
Brent Crude is trading at $75.29
Gold is trading lower at $2,736 per ounce, and,
US natgas futures are at $2.78 per gigajoule.
That’s Market Open, I’m Isaac McIntyre, stick with us for HotCopper’s Market Update.
