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Australian shares are expected to rise a modest +0.14% higher this morning as Week 33 trade gets going Down Under – and while the U.S. enjoyed a strong weekend, it’s all waiting for the RBA’s big August call for Aussie investors.
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The vibe on Monday is that markets are near-completely priced in a 25-basis-point cut, and some are even suggesting there’s a slim chance it’s a double.
While this HotCopper journo would be surprised if the RBA turned the dial that far, a slowdown in core inflation – most recently reported at 2.7% – and a surprise rise in unemployment should lead to a ‘cut’ call.
Though it won’t impact the RBA’s decision, we’ll also get July labour data later this week.
And, earnings season will truck on with heavyweights like Commonwealth Bank (ASX:CBA), AGL Energy (ASX:AGL), JB Hi-Fi (ASX:JBH), and others like family tracking app Life360 (ASX:360) on the week’s docket.
Viva Energy (ASX:VEA) has hit headlines early, with the gas supplier threatening to scrap its nat gas import terminal in Victoria over access to a pipeline.
Mineral sands explorer Everlast Minerals is lined up to join the bourse on Friday, too.
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To forex, the Aussie dollar is buying 65.2 US cents.
And to commodities, all in the greenback,
Iron Ore has held its Friday price, selling at $102.05 a tonne in Singapore,
Brent Crude is weaker, at $66.38,
Gold is sitting at a flat $3,400 per ounce to start the week, and,
US natgas futures are down -2.5% at $2.92 per gigajoule.
That’s HotCopper’s Market Open, I’m Isaac McIntyre – good luck and happy trading.
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