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Australian shares are heading into the end of Week 30 on a down note, with ASX 200 futures pointing to a -0.37% dip coming at Friday’s open – even as Wall Street’s biggest indexes keep chalking up new all-time highs.
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The S&P 500 and Nasdaq both ticked over new intraday highs, though those were more by an inch than a mile. The Dow went the other way, down -0.7%.
Most of the positive sentiments for the two U.S. gainers have been driven by “better than expected earnings” through Wall Street’s reporting season, up to today.
Trump also met with Jerome Powell and said he didn’t think firing him was “necessary.”
While it’s not surprising – TACO, anyone? – markets liked the certainty.
Back home, RBA governor Michele Bullock declared that weaker jobs numbers wouldn’t have led the board to chop rates in July. She admitted the RBA’s ‘hold’ call may have been a “shock” for some, but stuck to her guns anyway.
With her follow-up sentiments – that inflation may take longer to tame – there’s every chance we won’t see that August cut markets have been pricing in.
And, that’s the main driver for ASX futures dipping: Expect a 30ish point drop today.
In company news, HotCopper users are up on the forums early to watch Firetail Resources (ASX:FTL) after the mining smallcap scooped up a large chunk of extra land at its Excelsior Gold Project. FTL heads into Friday at 8.9cs.
Quarterlies today include Newmont (ASX:NEM) and Whitehaven Coal (ASX:WTC).
More market news
Meet GeoGeorge: The HotCopper poster so accurate he got hired as an analyst
Put the scissors away: Bullock tames RBA cut hopes – and apparently that’s a surprise
To forex, the Aussie dollar buys 65.8 US cents.
To commodities, all in the greenback,
Iron Ore is ending Week 30 strong, selling at $105.35 a tonne in Singapore,
Brent Crude is at $69.20,
Gold is at $3,371 per ounce, and,
US natgas futures failed to recover and are at $3.09 per gigajoule.
That’s HotCopper’s Market Open, I’m Isaac McIntyre – good luck and happy trading.
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