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31/01/24

08:28

Post #: 72147775
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Originally posted by highlandlad ↑

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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