Morning traders. Thanks loungers, especially @Ravgnome and @Patterns.
Outlook for the day: Positive after Wall Street rebounds strongly to start a huge week of corporate earnings and economic data, as well as an interest rate decision.
ASX futures: up 29 points or 0.43%
Overnight themes:
- US stocks fly higher as the S&P 500's Friday slump into correction territory brings in bargain-hunters.
- The S&P 500 bounces straight back out of a technical correction ahead of a rates decision this week, employment data and trading updates from Apple and other index heavyweights. The Dow surges more than 500 points to its biggest gain since June.
- The rally follows heavy selling last week that pulled the S&P 500 down more than 10% from its 2023 peak in July.
- “Investors are finally feeling a little bit more confident that perhaps we priced in enough bad news and that’s really manifesting in a stronger market today” - Art Hogan, chief market strategist at B. Riley Financial.
- The Federal Reserve starts a two-day meeting tonight that ends with a rates announcement tomorrow night. The central bank is expected to leave benchmark rates unchanged after a rally in treasury yields did much of the work in raising the cost of borrowing. Central banks in Japan and England also announce rates decisions this week.
- The Q3 reporting season rolls on this week with earnings from Apple, Caterpillar, Pfizer and Starbucks. Apple reports on Thursday.
- All 11 US sectors advance, led by communication services, financials and consumer staples. Energy brings up the rear with a rise of 0.31% despite a major setback for crude prices.
- Oil falls 3.4% to a three-week low after the weekend passes without significant disruptions to supplies or a broadening of the Israel-Hamas conflict.
- China stimulus measures last week help propel iron ore to a seven-month high. Dalian ore futures rally 2.51% to 900 yuan a ton (US$123) following parliamentary approval of a massive sovereign bond issue. Steel and coal prices also rise.
- Gold settles above US$2,000 an ounce for the first time since July 31 as buyers take a more pessimistic view of developments in the Middle East than oil traders.
Key events today:
- Private-sector credit - 11.30 am AEDT
- China manufacturing, services PMIs - 12.30 pm
- US consumer confidence, employment cost index - tonight
S&P 500: up 49 points or 1.2%
Dow: up 511 points or 1.58%
Nasdaq: up 147 points or 1.16%
Dollar: up 0.59% to 63.76 US cents
Iron ore (Dalian): up 2.51% to US$123.07
Brent crude: down US$3.03 or 3.4% to US$87.45
Gold: up US$7.10 or 0.35% to US$2,005.60
NYSE Arca Gold Bugs: down 1.53%
Copper (LME): up 0.49% to US$8,138.50
Nickel (LME): up 0.84% to US$18,500
Lithium carbonate (China spot): down 0.6% to US$23,126
Global X Lithium & Battery Tech ETF: down 0.35%
BHP: up 0.72% (US); up 0.75% (UK)
Rio Tinto: up 0.63% (US); up 0.25% (UK)
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