Morning traders. Thanks loungers, especially @Ravgnome and @Patterns.
Outlook for the day: Positive following a new nine-month high for the S&P 500.
ASX futures: up 24 points or 0.34%
Overnight themes:
- US stocks edge higher ahead of next week's inflation data and interest rate decision. The S&P 500 closes at its highest since August. The Nasdaq also logs a 2023 closing high.
- Financials lead as worries over regional banks continue to ease. The KBW Regional Banking Index firms 5.41%.
- Small caps are also strong. The Russell 2000 pops 2.69%.
- "It looks like investors are gaining a little optimism. The narrowness in the market where everyone was focused on the top seven names or so is starting to dissipate a little bit and that's good news" - Cresset Capital CIO Jack Ablin.
- Coinbase dives 12.09% after the US securities regulator sues the crypto exchange for allegedly operating without registering. Apple dips 0.21% a day after unveiling a VR headset priced at US$3,500.
- Most defensive sectors decline (health, consumer staples, utilities). Tech is also soft. Resource stocks rally.
Key events today:
- Speech and Q&A session with RBA Governor Philip Lowe - 9.20 am AEST
- Panel discussion involving RBA Deputy Governor Michele Bullock - 9.50 am
- Q3 GDP - 11.30 am
S&P 500: up 10 points or 0.24%
Dow: up 10 points or 0.03%
Nasdaq: up 47 points or 0.36%
Dollar: up 0.9% to 66.72 US cents
Iron ore (Dalian): up 1.7% to US$108.51
Brent crude: down 42 US cents or 0.6% to US$76.29
Gold: up US$7.20 or 0.4% to US$1,981.50
NYSE Arca Gold Bugs: up 0.2%
Copper (LME): down 0.12% to US$8,325
Nickel (LME): up 0.67% to US$20,955
Global X Lithium & Battery Tech ETF: up 1.49%
BHP: up 1.56% (US); up 0.34% (UK)
Rio Tinto: up 1.19% (US); up 0.93% (UK)
