Morning traders. Thanks loungers, especially @Ravgnome and @Patterns.
Outlook for the day: Mildly negative ahead of August jobs data following a mixed finish on Wall Street as investors weighed an inflation report that had something for bulls and bears.
ASX futures: down five points or 0.07%
Overnight themes:
- Wall Street's main indices finish mixed after an uptick in inflation increases the odds on another hike in November.
- A mixed August inflation report includes the biggest jump in headline inflation in 14 months. The consumer price index pops 0.6% for the month. Fuel prices account for more than half the increase. Year-on-year price inflation rises to 3.7% from 3.2% in July.
- However, the Federal Reserve's preferred measure, annual core inflation, eases to 4.2% from 4.7% in July, giving the central bank room to leave rates unchanged this month.
- A September rates pause remains a near-certainty at 97% following the report, according to CME's FedWatch tool. The odds on a November hike rise to 61%.
- “This isn’t the goldilocks number that investors were hoping for, but markets can still trade in a range — as inflation is high enough to keep the Fed still in play, but not hot enough for a shift away from the ‘Fed is almost done’ narrative” - Chris Zaccarelli, chief investment officer at Independent Advisor Alliance.
- Growth sectors rally, boosted by Tesla, Meta, Microsoft and Amazon. Utilities is the pick of the sectors, implying a mild defensive bias among investors. Real estate, energy, industrials, materials and financials all decline.
- Gold eases to a fresh three-week low as US inflation data pushes out hopes for rate cuts.
- "As long as hopes for Fed rate cuts are kept at bay, bullion bulls should struggle to carve out meaningful gains for the precious metal” - Han Tan, chief market analyst at Exinity.
- Oil retreats on fears that higher US interest rates will constrain energy demand.
- Iron ore is boosted by restocking ahead of Chinese holidays at the end of the month. Most base metals reverse some of Tuesday night's losses.
Key events today:
- August employment report (expected: +25,400 jobs, jobless rate steady at 3.7%) - 11.30 am AEST
- US retail sales, wholesale inflation - tonight
- Eurozone interest rate decision
S&P 500: up six points or 0.12%
Dow: down 70 points or 0.2%
Nasdaq: up 40 points or 0.29%
Dollar: down 0.07% to 64.23 US cents
Iron ore (Dalian): up 0.47% to US$118.13
Brent crude: down 18 US cents or 0.2% to US$91.88
Gold: down US$2.60 or 0.1% to US$1,932.50
NYSE Arca Gold Bugs: unchanged
Copper (LME): up 0.04% to US$8,394
Nickel (LME): up 1.43% to US$20,150
Lithium carbonate (China spot): down 1.05% to US$26,289
Global X Lithium & Battery Tech ETF: down 0.88%
BHP: down 0.58% (US); down 0.46% (UK)
Rio Tinto: down 0.13% (US); down 0.34% (UK)
- Forums
- ASX - Day Trading
- Day trading pre-market open September 14
Morning traders. Thanks loungers, especially @Ravgnome and...
-
- There are more pages in this discussion • 59 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
Featured News
The Watchlist
LPM
LITHIUM PLUS MINERALS LTD.
Simon Kidston, Non--Executive Director
Simon Kidston
Non--Executive Director
SPONSORED BY The Market Online