Good morning and welcome to the last day of the trading week.
The ASX200 is set to open flat, reflecting falls on all three US bourses, which retreated after stronger performances earlier in the week, now weighed down by lower performing tech stocks.
The S&P 500 fell 0.1% and was expected to break a three-day winning streak, while the tech-heavy Nasdaq dropped 0.5%, and the Dow Jones was nearly 100 points, or 0.2%, lower.
Wall Street had seen its strongest session since November on Wednesday, fueled by positive inflation data and bank earnings, but the rally lost steam on Thursday. The 10-year US Treasury yield weakened, and dovish comments from Federal Reserve Governor Christopher Waller hinted that potential rate cuts could be possible if inflation data remains favorable. Big tech, including Apple and Tesla, had a negative influence on the indexes, with Apple falling 3.6% and Tesla 3.9%, reflecting broader concerns over economic growth and inflation.
On the ASX, Aussie Broadband Ltd (ASX:ABB) has appointed Bill Maher as Group CEO, and Advance Metals Ltd (ASX:AVM) is progressing drilling work at the Myrtleford Gold Project in Victoria, having entered into a joint venture agreement last week to earn up to 80% in the play.
To commodities – all in US $ here: Iron ore is $102.80 on the Singapore Exchange, gold’s trading at $2713, Brent crude is $81.30 & natural gas is $4.27 a gigajoule.
One Aussie dollar is buying just over 62 US cents.