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Australian shares may have largely shrugged off Wall Street’s nosedive yesterday, but now that U.S. indexes are surging back into the green, it looks like the ASX 200 is fairly happy to play follow the markets leader.
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U.S. traders mostly seemed eager to buy the dip, with heavyweight stocks like Nvidia and Meta climbing +3.6% and +3.5% respectively.
To that end, the S&P 500 surged +1.47%; the Nasdaq had it beat, too, up +1.95%. Europe enjoyed a similarly strong rebound, with London’s FTSE adding +0.66% while the Stoxx 600 nearly hit the full buck at +0.9%.
Only the Nikkei, which retreated around -1.2% to close, saw a red day.
Australia heading along for the ride may be stalled by the household spending data we’re getting today – it will have a big impact on the RBA’s call next week.
Early predictions before the 11.30am stat release suggest there’s been a +0.9% rise month over month (that tip comes from the NAB’s gurus), which would then mean the annual rate had climbed beyond 5% year over year.
In earnings, Iluka (ASX:ILU) and Lynas Rare Earths (ASX:LYC) are among those reporting.
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To forex, the Aussie dollar is today buying 64.7 US cents.
To commodities, which are in the greenback,
Iron Ore is still climbing, adding +1.2% to $101.20 a tonne in Singapore,
Brent Crude is at $68.72,
Gold beat the equity rush to stay at $3,378 per ounce, and,
US natgas futures are down another -4.5%, to $2.94 per gigajoule.
That’s HotCopper’s Market Open, I’m Isaac McIntyre – good luck and happy trading.
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