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ASX steady ahead of US inflation data, earnings season

US dollars rolled

The S&P/ASX 200 closed down just 6.20 points Monday to 7,447.10. US futures are mixed.

Shares in battery technology company Novonix gained 10.9%, after the company said it had made further progress on its plans to list on the US tech-focused Nasdaq exchange. Shares are up 573% in the past 12 months.

Dwelling approvals reported by the Australian Bureau of Statistics rose by 3.6% in November, led by an increase in private sector dwellings. The increase followed a 13.6% fall, in seasonally adjusted terms, in October.

In the US on Wednesday, inflation data is scheduled for release. Headline CPI climbed higher towards the end of 2021, and that trend is likely to have continued into December, as restrictions caused supply chain disruptions. If we strip food and energy from the most recent PPI figure of almost 10%, we’re still at 7.7%, which means that there is a real possibility that headline CPI for December could hit or even exceed 7%, with PPI potentially moving above 10%, writes CMC chief analyst Michael Hewson.

Delta Air Lines reports earnings on Thursday and JPMorgan Chase, Citigroup and Wells Fargo report earnings on Friday.

AUD/USD US71.91c

Bitcoin $US42,098

Gold $US1792.47 an ounce

Brent crude oil $US82.03 a barrel

WTI crude oil $US79.20 a barrel

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