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) ASX Stock Watch
5) Broker Upgrades/Downgrades
6) Macro Economic Calendars
1) ASX Economic Calendar
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2) Market Snapshot & Highlights (as of 8 am AEST)
Global Markets Commentary
- In US economic data, the Empire State manufacturing index fell from +11.1 points to -31.3 points in August (+5 points). The NAHB Housing Market index fell from 55 to 49 in August (survey: 55).
- In China economic data, retail sales rose 2.7 per cent in the year to July (survey: +5 per cent). Industrial production rose by 3.8 per cent (survey: +4.6 per cent).
- US sharemarkets were firmer on Monday. Investors digested weak economic data in the US and China. Some investors believe that the soft data will temper the Federal Reserve rate hike expectations.
- European sharemarkets closed higher on Monday. Weak Chinese economic data saw investors drift to defensive stocks. The food & beverages sector rose 1.1% and healthcare and utilities rose by 0.8%. But miners fell 1.6% and the oil sector lost 1.3%. Also data showed that German wholesale prices fell by 0.4% in July, the first decline since Oct. 2020.
- US treasuries were firmer on Monday (yields lower) in response to weak US and Chinese economic data. The Chinese central bank cut key lending rates in an attempt to boost economic activity.
- Major currencies were mixed against the US dollar in European and US trade. T
- Global oil prices fell by near 3% on Monday to 6-month lows after Chinese economic data fell short of analyst forecasts. Investors fear that the global economy will continue to slow, reducing oil demand and driving prices lower.
- Base metal prices fell by between 0.7-4.5% on Monday with lead down the least and nickel down the most. The gold futures price fell by US$17.40 an ounce or 1.0% to US$1,798.10 an ounce. Iron ore futures fell by US$3.07 or 2.8% to US$106.79 a tonne.
3) Global Markets Headlines
- Oil Prices Drop on Worries About Chinese Demand, Supply Surge (WSJ)
- China’s Growth Slowed Across All Fronts in July, Prompting Unexpected Rate Cut (WSJ)
- Goldman sees a ‘feasible but difficult path’ for the Fed to defeat inflation without a recession (CNBC)
- Bitcoin tops $25,000 for the first time since June before slipping (CNBC)
- Berkshire Hathaway Keeps Spending Through Volatile Markets (WSJ)
- Fed Likely to Want Further Evidence of Inflation Slowdown (WSJ)
- OPEC Cuts Oil-Demand Forecasts as Economic Growth Slows (WSJ)
4) ASX StockWatch
- JHX James Hardie lowers profit guidance (AFR) -ve
- BHP BHP to pay record dividend after second-biggest profit (AFR) +ve
- CGF Challenger profit halves on rocky markets (AFR) -ve
- TPW Temple & Webster flags July sales plunge (The Australian) -ve
- SGM Sims flags ‘soft market conditions’ to start FY23 (AFR) -ve
- SCP SCA Property Group warns FFO going lower (The Australian) -ve
-
SWM Seven West Media announces buyback (The Australian) +ve
Click on the hyperlink for further information on the headlines or can follow me on Twitter for headlines @Azeem__Sheriff
(All news & data sourced from AFR / The Australian / Bloomberg / Reuters / CNBC / Wall Street Journal / Morningstar)
5) Broker Upgrades/Downgrades
(All news & data sourced from AFR / The Australian / Bloomberg / Reuters / CNBC / Wall Street Journal / Morningstar)
Macro-Economic Calendar
Economic Calendar (TODAY)
Economic Calendar (YESTERDAY)
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