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Good morning and a happy Tuesday. The ASX200 is set to rise a third of a percent on Tuesday according to futures around 8.30am Sydney time.
Both the S&P500 and NASDAQ ended at record levels in the green overnight, once again, despite some intraday caution reflected across major Mag7 stocks.
The US market was somewhat quiet when it came to trading volumes ahead of US inflation on Thursday. US inflation expectations have fallen to 3 percent in the United States, which would guarantee interest rate cut timelines become the centre of attention once more.
That US data will be the biggest event of the week though Australian traders will also get Chinese inflation data on Wednesday. Also worth noting is the French CAC 40 fell into the red overnight as markets work out what the French election means for stocks.
Looking at the ASX,
Perth Basin-based Strike Energy (ASX:STX) has won approval from the EPA to move ahead with the West Erregulla gasfield.
Australian Gas Infrastructure Group has also received similar approvals at the same time to begin building out a gas pipeline on-site.
Meanwhile, GenusPlus Group (ASX:GNP) has been awarded a long term contract to repair poles and wires for WA’s Western Power.
The company expects to generate revenue of $50M in its first year alone.
Finally, Telstra (ASX:TLS) has revealed its mobile phone plans are going to get more expensive.
The company flagged on Tuesday it anticipates most plans increasing by between $2 – $4 per month.
In forex, the Aussie is still buying 67 American cents after flirting with a 68 cent resistance level through July.
Looking at commodities, brent declined one and a half percent overnight to $85.62 American while gold dipped 1.3 percent to $2,359 American dollars per ounce. Iron ore fell once again to $108.75 American per tonnne, and, US natural gas futures are fetching $2.37 American dollars per gigajoule.
