The ASX 200 is pointing to a 0.89% decline at open today, early futures say, mainly due to trade concerns coming out of the U.S. in trade overnight.
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Wall Street plunged in the last 12 hours, with the Nasdaq composite retreating as much as 1.4% while the Dow Jones lost even more, down -1.9%. The most recent disappointing Treasury bond auction ramp-up rattled both.
There, longer-term yields spiked again; 10-year yields are approaching 4.6%.
U.S. retailers fanned the flames, too, with Target cutting its outlooks and Walmart suggesting levies will soon tip its hand on price jumps as it cut 1,500 jobs.
Back home, Aussie retailers have spoken out during the downturn: Wesfarmers (ASX:WES) boss Rob Scott said he believes the conglomerate can lean on its “significant growth upside” to make it through the sector’s ongoing volatility.
Bunnings helmsman Mike Schneider echoed the sentiment, declaring: “Our model and addressable market supports growth and resilience through the cycle.”
Elsewhere, Augustus Minerals (ASX:AUG) is celebrating a victory at its Music Well project near Leonora, where assays have been received from 20 rock chips. The new sampling has extended strike to a cumulative 950 metres of mineralisation.
Karoon Energy (ASX:KAR) has its annual meeting pencilled in for this morning too.
And, RBA deputy Andrew Hauser will be speaking today at 7:30PM.
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Looking at forex, one Aussie dollar is buying 64.3 US cents.
To commodities (all in the greenback):
Iron Ore has bumped up 0.5% to $99.90 a tonne in Singapore,
Brent Crude is trading at $64.56,
Gold is trading at $3,322 per ounce, and,
US natgas futures are at $3.36 per gigajoule.
That’s Market Open, I’m Isaac McIntyre, stick with us for HotCopper’s Market Update.