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Oil has rallied more than three per cent to an 11-month high and with that, and yesterday’s added CPI inflationary pressures, the ASX200 is set to open in the red, down by nearly .2 of a per cent.
That’s in line with the Dow Jones’s performance overnight.
The NASDAQ and S&P 500 did better, closing the session up by .2 of a per cent.
The potential for a Government worker pay shutdown from next week is unnerving investors in the US, who are already seeing benchmark Treasury yields at the highest levels in 16 years.
Investors there will also be awaiting personal consumption inflation data later this week, along with the second-quarter Gross Domestic Product numbers.
On a bright note, wholesaler, Costco gained nearly 2 per cent after the company hit its estimates for quarterly revenue and profit.
Back home…Yesterday’s CPI numbers were higher than hoped, highlighting the influence of rising petrol prices and the ripple effect on transport, food and other staples. Today, there’ll be fresh data on retail trade, job openings, and household wealth. So by the end of the day, analysts will be starting to place their bets on whether there’ll be an interest rates move next week – the first that Michele Bullock will deliver as RBA governor.
New job vacancies and retail data are also expected today.
There’ll be a new lithium debutant on the ASX at 11 am EST this morning.
Pioneer Lithium, which raised $5m with 20 cent shares, is acquiring interests in three projects in Canada.
The company will trade under the ticker code PLN.
The Aussie dollar is buying 64 US cents.
Iron ore is holding on to that $120 a tonne mark, Crude oil is just below $94 a barrel and gold has slipped almost 1.3 per cent to below $1900. Natural gas has been climbing to just below $2.90.
That’s all for now, we’ll see you mid-trade for another Market Update.
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