Check out our daily ASX pre-market and AU macro outlook below!
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
2) Market Snapshot & Highlights (as of 7 am AEST)
- 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
- Cash is king for EV makers as soaring battery prices drive up vehicle production costs (CNBC)
- Powell warns of ‘some pain’ ahead as the Fed fights to bring down inflation (CNBC)
- Powell comments fuel 1,000-point market rout Friday as stocks slide for a second week (CNBC)
- U.S. warships transit Taiwan Strait, first since Pelosi visit (CNBC)
- ECB policymakers make the case for a big rate (CNBC)
- Wall Street analysts are betting on another red-hot commodity rally before year-end
- Gold slides after Powell doubles down on tight monetary policy
- Dollar rebounds as Powell commits to fighting inflation (CNBC)
- UK energy bills to rise by 80% in October as regulator announces hike
- A Different Take on the U.S. Economy: Maybe It Isn’t Really Shrinking (WSJ)
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)