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US labour costs were up 1.2 per cent last quarter and so the ASX200 is set to head down, but almost as much. Futures suggesting by around 1.1 per cent.
The Employment Cost Index result saw US markets tumble as the news cemented concerns inflation’s not going anywhere soon.
The S&P 500’s dropped 1.78%; the Dow Jones shed 1.5% and the Nasdaq fell more than 2%.
Back home, the ABS will release international investment data later this morning, as well as living cost indexes.
In stocks to watch, Woolworths Group (ASX:WOW) will rake in $468 million in a deal to sell a 5 per cent stake in retail drinks network, Endeavour Group (ASX:EDV). The agreement equates to a share price of $5. Woolworths will retail 4.1 per cent of Endeavour after the sale. Woolworths is promising to return capital to shareholders.
Lifting solutions company, Boom Logistics (ASX:BOL) has secured a 5-year, $60 million contract with Newmont Corporation (ASX:NEM) at the Boddington Gold operation in WA; and Lithium Energy (ASX:LEL) will sell 90% of the Solaroz Lithium Brine Project in Argentina to Chinese company CNGR for $97 million cash. This equates to 86.5 cents a share – Lithium Energy debuted on the ASX in 2021 at 20 cents a share.
The Aussie dollar’s down, buying US64.7 cents.
Iron ore’s around US$110.50 a tonne; gold has lost 1.8 per cent to US$2290.17 an ounce; brent crudes around US$85.70 a barrel; and natural gas has fallen more than 3.6% to $1.95 per million British thermal units.
