The XJO is back down below 8,700pts after a poor night on Wall Street appeared to trigger a wave of caution among Australian investors.
At the time of writing – 3.30pm AEDT – US futures are flattish red, but the good news there is that they’re not (currently) steeply red – just less than a tenth of a percent.
A widely perceived looming second rate hike from the US Federal Reserve added to the storm of factors that pushed Wall Street down overnight.
At home, staples stocks were best off throughout the day followed by energy stocks as investors look for safe places to put cash less likely to be rankled by macro – which suggests investors don’t expect Brent crude prices to shift anytime soon.
But the materials sector was down just shy of -2% heading into close as the USD rose higher overnight; financials were also down just shy of -1%, which is never a good day for the ASX.
Wall Street could be an interesting game on the Thursday session. We get US jobless data at 8.30pm AEDT which could upset sentiment if it comes out with a shock – in either direction.
Until then, good luck, be well, and we’ll see you tomorrow.
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