Morning traders. Thanks loungers, especially @Ravgnome. End of the month already!
Outlook for the day: Neutral ahead of Q2 inflation data this morning that will steer the Reserve Bank's approach to interest rates.
ASX futures: up 1 point or 0.01%
Overnight themes:
- US stocks trade mixed as corporate earnings and economic data do little to move the needle ahead of major risk events this week. The Dow edges to a new all-time high. The Nasdaq retreats. The S&P 500 finishes little changed.
- "Markets are in a holding pattern given the busy week. There's nothing market-moving especially on the doorstep of so many big items over the next few days" - Ross Mayfield, investment strategy analyst at Baird (per Reuters).
- A busy 24 hours ahead for economic data and monetary policy includes Australian inflation data, Chinese factory activity, US private payrolls and a Federal Reserve interest rate decision and press conference, plus earnings this morning from Microsoft and Alphabet.
- An unexpected increase in US job openings tempers rate cut expectations. Employment vacancies increase to 9.03 million last month from 8.92 million in November. A separate measure of consumer confidence rises to its highest since December 2021.
- Financial heavyweights JPMorgan Chase and Goldman Sachs boost the Dow, offsetting down-pressure from Boeing, Intel and Apple. Drags on the Nasdaq include Apple, Amazon and Alphabet ahead of trading updates later this week.
- Among companies reporting overnight, UPS jumps 7.1%, Ford 2.1% and General Motors 8.1%.
- Financials is the pick of the sectors, gaining 1.2% after Morgan Stanley upgrades Bank of America and Citigroup. Also strong: energy +1.01%, materials +0.45% and consumer staples +0.56%. Tech and real estate are the biggest drags.
- Iron ore declines as the looming liquidation of Chinese property empire Evergrande casts a pall over the real estate sector. Trading volumes thinned ahead of the week-long Chinese Lunar New Year holiday.
- "Many construction sites have suspended operation and some steel traders have left the market with the Lunar New Year holiday approaching" - analysts at Everbright Futures(per Reuters).
Key events today:
- Q2 Consumer Price Index (inflation data) - 11.30 am AEDT
- China manufacturing/non-manufacturing PMIs - 12.30 pm
- US interest rate decision - tonight
- US private payrolls - tonight
S&P 500: down 3 points or 0.06%
Dow: up 134 points or 0.35%
Nasdaq: down 118 points or 0.76%
Dollar: down 0.18% to 66.02 US cents
Iron ore (Dalian): down 1.76% to US$136.46
Brent crude: up 47 US cents or 0.57% to US$82.87
Gold: up US$25.50 or 1.3% to US$2,050.90
NYSE Arca Gold Bugs: down 1.04%
Bitcoin: up 0.86% to US$43,602
Copper (LME): up 0.98% to US$8,642
Nickel (LME): up 0.46% to US$16,545
Uranium (spot price): steady at US$101
Lithium carbonate (China spot): up 0.07% to US$13,467.60
Global X Lithium & Battery Tech ETF: down 2.24%
BHP: down 0.29% (US); down 0.27% (UK)
Rio Tinto: down 1.21% (US); down 1.18% (UK)
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