Check out our daily ASX pre-market and AU macro outlook below.
1) ASX ECONOMIC CALENDAR
2) MARKET SNAPSHOT & HIGHLIGHTS
3) GLOBAL MARKETS HEADLINES
4) IDEA OF THE DAY
5) ECONOMIC CALENDARS
2) Market snapshot & highlights (as of 7 am AEST)
Global markets commentary
- In US economic data, the Chicago Federal Reserve national activity index lifted from -0.25 points to +0.27 points in July (survey: -0.2 points).
- US sharemarkets fell on Monday. Investors fret that a speech by US Federal Reserve chair Jerome Powell on Friday will confirm that the aggressive monetary policy stance will continue until inflation is under control. Technology stocks fell as treasury yields rose. Shares in Nvidia fell 4.6%, Amazon fell 3.6% and Microsoft fell 2.9%. Shares in cinema chain AMC Entertainment fell by 42% after UK-based rival Cineworld Group warned of a possible bankruptcy filing.
- European sharemarkets fell on Monday. Investors continued to fret about recession risks. Also there were worries about tightening gas supplies after energy giant Gazprom said that Russia will halt natural gas supplies to Europe for three days at the end of the month. Uniper, Germany's top importer of Russian gas, declined 7.7% to hover near a record low.
- US treasuries fell on Monday (yields higher). The focus remains on the speech by the US Fed chair on Friday.
- Major currencies were weaker against the US dollar in European and US trade.
- Global oil prices rebounded from lows to end only modestly lower on Monday. The Saudi energy minister said the OPEC+ producer group could cut production to confront market challenges. The US dollar also rose to a five-week high on Monday. A stronger greenback makes it more expensive for buyers with other currencies in the dollar-denominated oil market.
- Base metal prices were mixed on Monday. Spot gold was trading near US$1,734 an ounce at the US close. Iron ore futures rose by US16 cents or 0.2% to US$104.37 a tonne.
3. Global markets headlines
- Citi projects UK inflation to breach 18% in January as energy prices skyrocket (CNBC)
- Zoom pares back annual forecast as revenue growth slows to single digits (CNBC)
- European gas prices surge as Russian pipeline maintenance fuels fears of a total shutdown (CNBC)
- China trims lending rates again, one week after surprise cuts in key rates (CNBC)
- Australian bank to scrap loans for new diesel and gasoline cars as country bids to grow EV numbers
- Oil pares losses after Saudi oilmin says OPEC+ has options including cuts (CNBC)
- Once high-flying Chinese tech giants are now looking to scale back costs (CNBC)
- Ford Confirms Layoffs, Says It Is Cutting About 3,000 Jobs (WSJ)
- Euro at Two-Decade Low Just Start of Drop, Strategists Say (Bloomberg)
- Stocks Knocked Down as Torrid Rally Hits a Wall: Markets Wrap (Bloomberg)
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(All news & data sourced from AFR / The Australian / Bloomberg / Reuters / CNBC / Wall Street Journal / Morningstar)
4. Idea of the day
(QAN - Qantas)
5. Macro-economic calendar
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