Good Morning and welcome to HotCopper’s Market Open, I’m Jon Davidson. Futures indicate the ASX will finish off the week with another green day after three days of red was clearly enough for most investors.
It was another green night on Wall Street with the NASDAQ up nearly 1% and the S&P500 ending eighth of a percent higher. Despite evident inflationary pressures in the US, traders are widely expecting the Fed to cut rates at its next meeting; this has been partially why the USD is showing some weakness, prompting purchases of gold.
What could be more meaningful for the direction stock markets take next week will be the US jobs report which comes out tonight well after the Aussie market closes.
At home, there’s no big data coming from the ABS today, suggesting that the market can easily coast green to the end of the week, notwithstanding we may or may not see profit takers coming in for the last leg of the session.
Looking at commodities:
Iron Ore is still fetching above US$100/tn on the SGX while gold prices remain elevated, up nearly +5% MoM.
Brent Crude, meanwhile, at just south of US$67/bbl.
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