ASX News LIVE | XJO Set for Heavy Losses as Wall St Enters Correction and Middle East Heats Up
Good morning
Good morning all, Charlie here
The ASX 200 opened down -0.31% to 6,806.0, as Wall Street moved into correction territory as the S&P 500 finished last week down 0.5% and put the index down over 10% from its July peak. The S&P500 is now trading at its lowest point since May after its eighth decline in nine sessions.
As predicted last week, the Magnificent Seven’s reporting week has been a troubling time for Wall St, with Apple, Alphabet, Amazon, Microsoft, Meta, Nvidia, and Tesla all reporting and have collectively lost approximately $450+ billion in valuation.
Amazon and Microsoft stood above the rest with strong double beats, while Google’s parent company, Alphabet beat expectations everywhere but cloud computing, which was enough to send its shares tumbling -9.5%.
Wall Street: The Dow -1.12%, Nasdaq +0.38%, S&P 500 -0.48%, Russell 2000 -1.21%.
Overseas Markets: FTSE -0.86%, STOXX -0.87%, Nikkei +1.27%, SSE +0.99%
US 10-year bond yields sit at 4.83%, and Australian 10-year fell -4bps to 4.83%.
Gold prices fell -0.32% but has passed the important mark to hit US$2,000.26. Silver fell -0.13% to US$23.08. The upward trend was driven by traders covering short positions in the aftermath of the Hamas attack, while global bullion ETFs saw five consecutive months of outflows.
The Aussie dollar is up +0.10%, to US63.37 cents.
Bitcoin is up +1.59% to US$34,660.65, having gained almost 30% in the past month.
Oil prices are continuing their volatility, with Brent flat, while WTI Crude fell -1%.
Iron ore is up +0.08% to US$118.55, but Singapore iron ore futures are tracking up 2.39%
We have September retail numbers for Australia coming this morning, so stay tuned for that as well as developments in the Middle East that are driving concerns in global markets.
