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Need 4 Speed - Pre Market ASX Report - 29/08/22

ASX market board

Check out our daily ASX pre-market and AU macro outlook below!

 

Content Summary

1) APAC WEEK AHEAD
2) MARKET SNAPSHOT & HIGHLIGHTS
3) GLOBAL MARKETS HEADLINES
4) ASX ECONOMIC CALENDAR
5) IDEA OF THE DAY
6) ECONOMIC CALENDARS

1) APAC Week Ahead

Click here to access our CMC APAC Week Ahead newsletter, prepared by @TinaTeng_CMC

2) Market Snapshot & Highlights (as of 7 am AEST)

AUS Macro Table

Global Markets Commentary

  • Jackson Hole - US Federal Reserve Chair Jerome Powell noted in a speech to the Jackson Hole central bank symposium: “Restoring price stability will likely require maintaining a restrictive policy stance for some time.” And further: “The historical record cautions strongly against prematurely loosening policy.”
  • US Economic Data -  Personal income rose by 0.2% in July (survey: +0.6%) with spending up 0.1% (survey: +0.5%). The key inflation measure - the core PCE deflator - lifted by 0.1% in July to be up 4.6% on the year (survey: +4.7%). The advance goods trade deficit fell from US$98.59 billion to US$89.06bn in July (survey: US$97bn). The final University of Michigan consumer sentiment index rose from 55.1 to 58.2 in August (survey: 55.2). 
  • US share markets slumped on Friday as the Fed chair suggested interest rates would be higher for longer. All 11 S&P 500 sectors were lower.
  • European share markets fell on Friday. Investors digested the speech from the Fed chair and weak German consumer sentiment data.
  • US treasuries were weaker on Friday (yields higher).
  • Major currencies were mixed against the US dollar in European and US trade.
  • Global oil prices rose on Friday. Fears that the OPEC+ group could cut production offset hawkish comments from the Fed chair.
  • Base metal prices were higher on Friday. Over the week Spot gold fell by US$13.10 or 0.7%. Over the week iron ore rose by US$1.17 or 1.1%.  

3) Global Markets Headlines

Click on the hyperlink for further information on the headlines, check out our insights panel on the CMC Markets NextGen platform or can follow us on Twitter @Azeem__Sheriff & @CMCMarketsAUSNZ

(All news & data sourced from AFR / The Australian / Bloomberg / Reuters / CNBC / Wall Street Journal / Morningstar)

4) ASX Economic Calendar

5) Idea of the Day

(FMG – Fortescue Metals Group)

6) Macro-Economic Calendar

Economic Calendar (TODAY)

Economic Calendar (YESTERDAY)
Weekend - NA


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