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Check out our daily ASX pre-market and AU macro outlook below.
Content summary
1) ASX ECONOMIC CALENDAR 2) MARKET SNAPSHOT & HIGHLIGHTS 3) GLOBAL MARKETS HEADLINES 4) IDEA OF THE DAY 5) ECONOMIC CALENDARS
1) ASX economic calendar
2) Market snapshot & highlights (as of 7 am AEST)
AUS macro table
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.
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(All news & data sourced from AFR / The Australian / Bloomberg / Reuters / CNBC / Wall Street Journal / Morningstar)
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