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The ASX200 is set to rise today with futures up near 0.45 per cent ahead of market open.
The US markets closed off the week with a strong run on Friday, with the S&P 500 and NASDAQ both rallying after US jobs data came in slower than expected.
This data, which followed a pause decision from the US Fed days earlier, is responsible for a positive mood down under today – but traders are still watering down bets we’ll see multiple rate cuts from the US this year.
In company news, Qantas (ASX:QAN) has agreed to pay $120 million dollars to wrap up an investigation from the Australian competition regulator. Customers who have had flights cancelled could receive up to $450 back from the company.
Meanwhile, Westpac (ASX:WBC) has declared a fully franked 15 cent special dividend to its investors, in a move that appears designed to quell concerns over profits. Westpac has blamed mortgage competition for pushing down profits 16 per cent compared to the first half of the 2023 financial year.
Finally, telecom company Spark New Zealand (ASX:SPK) has reduced its guidance for the full 2024 financial year, noting weaker demand for its services. The company now expects to make no more than $1.2 billion – which was the lowest end of its previous guidance.
In commodities, Brent Crude is up 0.7 per cent to US$83/bbl and gold hovers just above US$2,300 an ounce – still near its recent record high levels.
Natural gas futures, meanwhile, are trading at US$2.18 a Gigajoule.
