Morning traders. Thanks loungers, especially @Ravgnome and @Patterns.
Outlook for the day: Negative following solid falls on Wall Street ahead of tonight's Federal Reserve interest rate decision.
ASX futures: down 41 points or 0.56%
Overnight themes:
- US stocks fall as contagion fears roil regional banks in the wake of the weekend fire-sale of First Republic Bank.
- The KBW regional banking index suffers its heaviest hit in three weeks, sinking 5.53% amid questions over the viability of smaller financial institutions. S&P financial sector declines 2.3%.
- "There are concerns that this is not over, and that rates are going to go up, and it could be a catalyst for more problems" - Quincy Krosby, chief global strategist at LPL Financial.
- Energy sector plunges 4.28% ahead of a possible US rate hike tonight and as a deadline for raising the US federal debt ceiling approaches. Brent crude slumps 5%.
- The Federal Reserve commences a two-day policy meeting leading to an interest rate decision tonight. The central bank is expected to raise its key rate by 25 basis points.
Key events today:
- March retail sales - 11.30 am AEDT
- US interest rate decision - tonight
- US ADP non-farm employment change - tonight
S&P 500: down 48 points or 1.16%
Dow: down 367 points or 1.08%
Nasdaq: down 132 points or 1.08%
Dollar: up 0.61% to 66.63 US cents
Iron ore: down 0.1% to US$102.05
Brent crude: down US$3.99 or 5% to US$75.32 (6-week low)
Gold: up US$31.10 or 1.6% to US$2,023.30 (biggest rise in 4 weeks)
NYSE Arca Gold Bugs: up 3.83%
Copper (LME): down 0.75% to US$8,531
Nickel (LME): up 2.94% to US$25,000
Global X Lithium & Battery Tech ETF: down 0.51%
BHP: down 1.55% (US); down 1.48% (UK)
Rio Tinto: down 1.66% (US); down 2.65% (UK)
