Australian stocks are likely to drop about half a per cent of yesterday’s stellar 1.65 per cent climb, as US markets dropped into the red overnight.
The Nasdaq dipped half a per cent; the S&P 500 .35 per cent; and, the Dow Jones lost .2 of a per cent – mostly on downward pressure by megacap companies and concerns around oil pricing weighed on energy stocks.
A noteworthy performer was Campbell Soup. The stock surged 7.2 per cent on exceeding quarterly profit forecasts, boosted by higher pricing on its packaged meals and snacks.
We’ll see the Australian Bureau of Statistics building approvals data out at 11.30am AEDT, as well as International Trade in Goods numbers and Population Projections.
Chemist Warehouse founders, Jack Gance and Mario Verrocchi, are planning an $8 billion ASX entry via an unconventional reverse takeover by Sigma Healthcare. The deal, potentially valuing both at $8 billion, would give the Gance and Verrocchi families a partial exit.
The Aussie dollar is buying 65 US cents, with Bitcoin is above the $67k mark.
Iron ore is trading at $132 a tonne, crude oil has fallen below the $70 mark for the first time since June, it’to $69.41 – down 11 per cent for the week.
Gold has been trading at $2025 and natural gas has deflated 5 per cent to $2.57.
Copper fell more than one and a half per cent to $3.70 and Uranium has gained a per cent to $81 a pound.That’s Market Open for the 7th of December. Happy Trading