Australian (ASX) Stock Market Forum

Today's trading on the ASX

ASX 200 futures are pointing down 28 points or 0.3 per cent to 8829.

Our AU dollar is buying US65.93¢, up 0.6%
  • Gold +1.4% to $US3635.98 an ounce
  • Brent oil +1.1% to $US66.20 a barrel
  • Iron ore +0.7% to $US105.60 a tonne
  • 10-year yield: US 4.04% Australia 4.28%
 
After a languid -0.4% drop through Monday, Australian shares are still feeling rudderless as we head towards Tuesday’s open: While it’s green across global markets, ASX 200 futures are pointing towards a flattish start to trade.

Browsing overnight action for markets in the U.S., Europe, and Asia brings up mostly green arrows, including a +0.25% rise for both Wall Street’s S&P 500 and the Dow Jones, as well as a similar trend for London’s FTSE.

The Nikkei, always swinging a little wider, gained as much as +1.45%; a rise not much stilted by Japan’s Prime Minister Ishiba resigning this week.

And the Nasdaq even cracked a new record at 21,798 points.

Through all that, Oz traders aren’t quite sold; we’re eyeing a -0.03% dip to start.

It’s not the most surprising, considering September is often a choppy month for the local bourse, though it is a little odd Australian traders aren’t taking cues from the global bellwethers – that may change intraday.

A spike in long-dated yields and then just the usual pullback after a strong rally are also playing parts, we’re sure, so nothing to worry about yet
 
Oil prices firmed after Israel launched an attack on Hamas political leaders in Doha, Qatar. Australian shares are set for a muted start, with ASX 200 futures down four points, or 0.1%, to 8803.

Gold and AUD flat, iron ore up to $107 and US 10 year 4.09%
 
Australian shares are heading into the middle of Week 37 with an advance ahead, with ASX 200 futures now pointing to a modest +0.2% gain – a Wednesday pivot after early week trade fell red more often than not.

It feels like Aussie stocks have been dragged higher, with the S&P 500 and Nasdaq composite’s overnight records too dovish to ignore.

On Wall Street, all sentiments have turned to the Federal Reserve making rate cuts when it meets to determine policy next week; U.S. traders have dutifully started pricing that in a week out from the big decision.

Tuesday’s weak jobs data has only spurred that feeling in the States, too.

While Oz shares resisted the green yesterday, those up arrows have started to appear.
 
SPI futures are looking to open down 20 points or 0.2 per cent.

Aussie Dollar up 0.4% to US66.13¢
Gold up 0.4% to $US3640.75 an ounce
Brent crude up 1.9% to $US67.62 a barrel
Iron ore sliipped 0.3% to $US107.00 a tonne
 
Everyone waking up this morning will be seeing the Oracle surge on Wall Street and more S&P 500 and Nasdaq composite records, but don’t expect all that to trickle down to Australian shares right away on Thursday.

Instead, ASX 200 futures are pointing to a -0.2% retreat, with what my colleague Jonathon Davidson aptly called the “September breather” still going.

Over the last 12 months, we’ve surged as much as +10% higher nearly across the board, so it’s not overly shocking things are retracting a little – and September, oft a sour month regardless, is living up to its historic red leaning.

Of course, all that’s being ignored on a bullish Wall Street right about now.
 
.Outlook for Australian market
Australian shares are set to open weaker on Monday, with futures pointing to a 59 points, or 0.7 per cent, decline

Global central banks in focus
The Fed’s decision will headline a week crowded with monetary policy announcements. The Bank of England, Bank of Japan and Bank of Canada are also scheduled to release verdicts on rates, making it a pivotal moment for investors assessing the trajectory of global growth.
 
I’m hoping to understand why on some Mondays, like yesterday, that the US bond market isn’t open until late in our daytime. It’s not an obvious bond market holiday. Your wisdom is appreciated.
 
The positive lead from Wall Street is expected to lift Australian equities at the open, with SPI futures indicating a rise of 41 points to 8889 at the open. That’s after the S&P 500 reset its record high to start the trading week in New York

AUD pushing US66.71c
Bullion rallied 1 per cent and traded above $US3682 an ounce.
 
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