Australian shares are heading straight back to above 9,000 points to start Week 35, the ASX 200 futures are suggesting this morning, after Fed chairman Jerome Powell supercharged markets with his Jackson Hole speech.
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The Federal Reserve helmsman admitted a September rate cut is on the cards for the U.S. after nine months of holding rates – and traders loved it.
The S&P 500 and Nasdaq composite flew on the news, adding as much as +1.9% through to Friday close on Wall Street; London’s FTSE moved green at the same time, and the Nikkei has advanced heading into Monday.
The bounce extends the bull market rally we’ve been seeing through August.
And for Oz traders especially, it sets up another week where green arrows are on the menu.
Companies to watch
That’s good news for companies left to report in earnings season, too, with Regal (ASX:RPL), Santos (ASX:STO), and Pilbara (ASX:PLS) among those due.
Reece (ASX:REH) has already shared its report: It posted a sharp fall in profits for the year ending June 30, mostly weighed by weaker housing markets in Australia, New Zealand, and the U.S. Revenue slipped to $8.97 billion.
Health gear leader Ansel (ASX:ANN) has said it expects its plotted price hikes should be enough to beat Trump’s tariffs and their (quite large) impacts.
And, chairman Roland Dane has quit PWR Holdings (ASX:PWR) this morning.
Buck and ore
In forex, the rising Aussie dollar buys 64.9 US cents.
To commodities, all in the greenback,
Iron Ore opens Week 35 down -0.6%, selling at $100.55 a tonne in Singapore,
Brent Crude is at $67.80,
Gold starts the week at $3,372 per ounce, and,
US natgas futures have retreated -2%, to sell at $2.63 per gigajoule.
That’s HotCopper’s Market Open, I’m Isaac McIntyre – good luck and happy trading.
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