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The ASX looks set to extend its losses this week with a 0.17% drop, with general disappointment around unlikely rate cuts the biggest driver in the slump.
After yesterday’s inflation data, the RBA’s now being tipped to hold rates until February.
Wary Wall Street closed lower overnight with all three major markets in the red; Nasdaq had the biggest fall at 0.6% after AMD’s less than stellar guidance. Apple and Amazon will keep the results sharing going through Thursday.
Caution led through the U.S. too after economic data showed GDP growth slowed to an annualized 2.8% in Q3 – and the Trump vs. Harris election of course still looms.
To the ASX now, Qantas (ASX:QAN) secretary Andrew Finch has resigned this morning.
Origin Energy (ASX:ORG) reported a 4% bump in first-quarter revenue, mainly carried by its stake in the Australia Pacific LNG project and strong gas prices.
On HotCopper, Talga Group (ASX:TLG) investors are celebrating after the Swedish Supreme Court dismissed appeals regarding its Environmental and Natura 2000 permit. Another hot topic was Mineral Resources (ASX:MIN) locking in a $1.1 billion gas deal with Hancock Prospecting on its oil and gas exploration ground.
Disgruntled shareholders will get a chance to query Woolworths (ASX:WOW) at its annual meeting today after new CEO Amanda Bardwell shared a profit warning. Fellow supermarket giant Coles (ASX:COL) will share sales updates today too.
Wesfarmers (ASX:) and JB Hi-Fi (ASX:JBH) will also be hosting AGMs.
Looking at forex, the Aussie dollar is buying 65.7 US cents.
To commodities, which are in the greenback:
Iron Ore has dropped to $104.09 a tonne in Singapore,
Brent Crude is trading at $73.01,
Gold has scaled another record to trade at $2,800 per ounce, and,
US natgas futures are down, at $2.81 per gigajoule.
That’s Market Open, I’m Isaac McIntyre, stick with us for HotCopper’s Market Update.
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