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ASX 200 futures are down one point (-0.01%), suggesting a flat start despite a stronger session on Wall Street.
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The Nasdaq gained 1.05%, the S&P 500 rose 0.58% and the Dow Jones added 0.69%, led by AI and chip stocks after SpaceX reported better-than-expected quarterly results.
The rebound offers some relief for technology stocks, although concerns about AI valuations and the cost of infrastructure investment remain.
What to watch today
RBA and inflation: Deputy Governor Andrew Hauser has signalled that underlying inflation could come in materially higher than the RBA expected in August. With quarterly inflation figures due next week, markets will be watching closely for clues on whether another rate rise is coming in November.
Oil and the Middle East: Brent crude rose 0.5% to US$109.730 a barrel, remaining near five-month highs as Iranian attacks on shipping around the Strait of Hormuz intensified.
Higher energy prices could add to inflation pressures and complicate the outlook for interest rates.
On the calendar
APA Group (ASX: APA), ASX (ASX: ASX) and BHP Group (ASX: BHP) are among the companies holding AGMs today. No major Australian economic releases are scheduled.
The takeaway: Wall Street’s AI-led rebound provides a positive lead, but local investors have significant issues to weigh up. NEXTDC’s outlook after its major plunge yesterday, next week’s inflation data and persistent geopolitical risks could all influence sentiment as the ASX opens.
Local market news
Fisher & Paykel’s (ASX: FPH) Healthcare division has alerted the ASX regarding cyber incident;
Forrestania Resources (ASX: FRS) has reached an ore purchase agreement with Star Minerals;
Neometals (ASX: NMT) has extended Barrambie with positive diamond drilling results;
Miramar Resources (ASX: M2R) has reported drilling is underway at the Gidji JV gold project; and
Aquirian (ASX: AQN) has increased an equipment funding facility to $25 million.
Buck and ore
Now – in forex, the Oz dollar is buying US $0.702
Looking at commodities, all in the greenback,
Iron Ore was down 0.01% to $90.85 in Singapore today,
Brent Crude was up 0.86% to $109.730 per barrel,
Gold was selling at $4141.10,
US natgas futures were down 6.34% to $2.7750 per gigajoule.
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That’s HotCopper’s Market Open, I’m Colin Sandell-Hay – happy trading.
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