Good morning and welcome to the start of a new trading week – for those playing at home, it’s week 37 of the year.
The ASX200 is set to dip -1.3% on Monday according to futures around 8.30am AEST.
This follows a weak Friday session in the US, as well as more jobs data from the world’s largest economy that points to economic slowdown.
While economic slowdown is the intended point of rate hikes, because that means less inflationary pressure, the market has decided economic growth is now more important than inflation, so what was once good bad news is now bad bad news.
Looking at news from Australian markets on Monday, Westpac has appointed a new CEO; and there’s reports that Canberra wants Qantas to divest Jetstar.
Looking at commodities which are in the greenback,
Iron ore is fetching just over $92 per tonne in Singapore,
Gold is just under $2,500 per ounce,
Brent Crude is on its way to $72 per barrel, and,
US natgas futures are at $2.20 per gigajoule.
In forex, the Aussie can currently buy you 67 US cents.
That’s Market Open, I’m Jonathon Davidson, we’ll be with you later in the trading day for an update.