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The ASX200 is expected to rise 0.87% on Monday, buoyed by stronger performances on US markets at the end of last week.
US stocks rose on Friday as inflation data boosted expectations of a potential rate cut by the Federal Reserve in September.
The S&P 500 closed 1.1% higher, the Nasdaq 100 also lifted 1%, and the Dow saw a significant rise of 654 points. This sentiment was underpinned by figures from the PCE reading – preferred by the Fed as a gauge of inflation – which were largely in-line with expectations, although showing a rise in the core rate of 0.2%, slightly above the expected 0.1%.
Investors will be looking ahead to a big week for quarterly earnings reports, with four tech giants from the group dubbed ‘Magnificent Seven’ – that is, Apple, Microsoft, Amazon, and Meta – to release their numbers.
Over on the ASX, Arafura Rare Earths Ltd (ASX:ARU) says that its subsidiary Arafura Nolans Project Pty Ltd had revised its gas supply agreement with the Mereenie field joint venture partners – Central Petroleum, Cue Energy, Horizon Oil Limited and New Zealand Oil & Gas – for the supply of up to a combined 16.44 petajoules of natural gas for the Nolans Project.
Meanwhile, online retailer Adore Beauty Group Ltd (ASX:ABY) has appointed Sacha Laing – former executive at Country Road, David Jones and general Pants Co as the new CEO.
Mr Laing’s 25 years’ experience in all types of retail includes a role as Group CEO and Director of omni-channel retail company Alquemie Group.
And TechGen Metals Ltd (ASX:TG1) say they have confirmed copper grading 24.9% and gold grading at 18.5 grams per tonne through rock chip sampling at the Blue Devil Project in Western Australia.
In forex, the Aussie is buying 65.5 US cents.
In commodities, brent crude rose 0.50% to US$81.52, while iron ore was down 0.26% to US$106.86 per tonne at Singapore.
Gold rose 0.47% to US$2,397 per ounce while US natgas futures registered a rise of 1.70% to US$2.04 per gigajoule.
