Australian shares are pointing to a -0.27% slide at open today – at least according to ASX 200 futures on Monday morning – but there’d be few betting against that eventually reversing as the U.S. braces for more rate cuts.
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Wall Street was left mostly disappointed by job figures out in the United States heading into the weekend, and that sentiment has slipped over to Oz today.
But – this red open to Week 37 should only be a roadbump, with the S&P 500 hitting its latest record high before seeing a late Friday pullback.
These next few days should see both the U.S. and the wider global markets price in the Fed Reserve’s seemingly imminent cut; a “Goldilocks scenario” seems to be emerging where traders are happy to buy through cuts.
Nothing is guaranteed, of course (otherwise the markets wouldn’t be any fun), and only ASX trade starting at 10am today will tell us what’s really coming.
Plenty coming that will guide that too, including consumer confidence out on Tuesday.
Household spending insights are due later in the week, on Thursday.
ASX stocks to watch
On the company frontier, there’s a slew of investor meetings, including Brickworks (ASX:BKW), Soul Patts (ASX:SOL) and HotCopper forum favourite Strike Energy (ASX:STX).
We have our next ASX float this week as well, with Ariana Resources joining the local bourse at midday on September 10. The mineral explorer will list under “AA2” and is looking to raise as much as $15 million at 28cps.
In today’s news, Delorean Corporation (ASX:DEL) has signed a gas sales agreement with Origin Energy (ASX:ORG) for the long-term supply of renewable biomethane from its Salisbury facility in Edinburgh Parks.
Elsewhere, Dreadnought Resources (ASX:DRE) has caught early attention on the HotCopper discussion boards after its latest Star of Mangaroon results.
And Tourism Holdings (ASX:THL) is selling its Sydney, Brisbane dealerships.
Buck and ore
Now – in forex, the Aussie dollar buys 65.5 US cents.
And to commodities, all in the greenback,
Iron Ore is up +0.3%, selling at $105.15 a tonne in Singapore,
Brent Crude is at $65.16,
Gold is opening the week stronger again, selling at $3,602 per ounce, and,
US natgas futures are up +1.3%, at $3.06 per gigajoule.
That’s HotCopper’s ASX Market Open, I’m Isaac McIntyre – good luck, happy trading.
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