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This week’s trade is going to have one very simple flavour: Preparing for the year’s first Federal Reserve rate cut over in the United States, which looks to have been “cemented” on rising inflation and weakening labour data.
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The ASX 200 is among the global bourses pricing in the slice, with futures this morning pointing to a -0.7% loss – which pares gains from Friday.
With Wall Street closed, we’re flying our flag without a bellwether early in Week 38, but it’s relatively easy to figure out where things are going.
The S&P and Dow Jones both closed in the red when they closed out late last week, as did the FTSE in London. Among those we track in this HotCopper column, only the Nikkei, up +0.9%, and the Nasdaq, +0.4%, stayed up.
For those updating their calendar, the Fed call will come at 5am Thursday.
ASX stocks to watch
In company news early this week, ANZ Group (ASX:ANZ) has become the latest big four bank whacked with fines, after Oz’s corporate regulator levelled a $240 million penalty on ANZ for “engaging in unconscionable conduct” – in layman’s terms, ANZ failed to manage non-financial risk across the bank.
We’ve hit a big deadline for XRG’s bid for Santos (ASX:STO), with the Middle East consortium on the clock up to Friday, Sept. 19, to lock in the $30B buy-up. Negotiations have been on a four-week pause.
And, Lendlease (ASX:LLC) face a crucial vote this week as it tries to keep rival Mirvac (ASX:MGR) away from the throne of its $2 billion property fund.
Wildcat Resources (ASX:WC8) is trending on HotCopper forums after confirming spodumene at its Harry and Hermione prospects.
Buck and ore
In forex, the Aussie buck’s a lofty 66.4c to the US dollar.
Over in commodities, all in the greenback,
Iron Ore is up around +0.4%, selling at $105.90 a tonne in Singapore,
Brent Crude is $66.86/Bbl,
Gold has stayed quite strong in Week 38, fetching $3,646, and,
US natgas futures are up +0.5%, to $2.96 per gigajoule.
That’s HotCopper’s ASX Market Open, I’m Isaac McIntyre – good luck, happy trading.
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