Market Open: ASX200 to fall -0.3% as hot US inflation data sees the S&P500 close down -1%

I wrote yesterday afternoon that the Thursday ASX session would likely be dependent on what US inflation did overnight, and unfortunately, it came in hotter than expected.

US headline inflation hit 3.7% in September, buoyed by higher gasoline prices (thus why Donald Trump is desperate to lower energy prices ahead of the midterms); the country’s core inflation read came in at 2.6% after jumping three pips.

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Cue another red day for the ASX on the back of Wall Street’s sentiment gauge technically clocking back to ‘fear.’ Worth noting is that tariffs and the AI trade are hitting the American economy, too – software prices jumped 28.4%.

It wasn’t all bad news in the US: Q3 earnings season saw Morgan Stanley beat estimates on the back of higher share trading demand; BlackRock beat expectations (of course it did) though the Bank of America missed estimates and also took a recent blow in the form of a US$1.2B fine from a regulator.

At home, we get Australian Labour Force data later today but I imagine that after last night it isn’t going to do too much to move the needle. Should I be wrong, I’ll fess up to that in ASX Today this afternoon.

Looking around the traps on HotCopper:

American Tungsten & Antimony has told the market recent results support a ‘mine-to-metal’ strategy;

Wisetech Global has issued an announcement titled ‘Resolution of ASIC matters;’

Broken Hill Gold has reported it’s discovered a new large magnetic anomaly, and,

Red Mountain Mining declares it’s hit upon geoindicators of “copper potential” at Pioneer.

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