Australian share futures are little changed before the release of the Federal Reserve’s latest policy statement at 5am AEDT. US stocks rallied, paced yet again by Nvidia which became the first company to see its market value top $US5 trillion.
After surging more than 5 per cent higher in morning trade, Nvidia had pared its advance to 3 per cent shortly after 1pm in New York.
Still, the focus is on the Fed with expectations for a quarter point rate cut. Fed chairman Jerome Powell is expected to be wary of providing any hint at what may happen when policymakers meet next in December.
A key reason for Powell’s caution is the dearth of data because of the US federal government shutdown.
Investors also are awaiting the release of quarterly results from Microsoft, Alphabet and Meta Platforms after the closing bell in New York, at 7am AEDT. [Apple and Amazon will report on Friday AEDT.]
President Donald Trump is set to meet with China’s Xi Jiniping at 11am local time in South Korea on Thursday. Trump has signalled that the two leaders are poised to agree to terms for a trade truce.
Market highlights
ASX 200 futures are pointing down 1 point to 8939.
All US prices near 1pm New York time.
- AUD +0.4% to US66.12¢
- Bitcoin -3.7% to $US111,157
- On Wall St: Dow +0.6% S&P +0.3% Nasdaq +0.6%
- VIX +0.21 to 16.63
- Gold +1.1% to $US3993.80 an ounce
- Brent oil +1.1% to $US65.08 a barrel
- Iron ore +1.2% to $US107.05 a tonne
- 10-year yield: US 4.00% Australia 4.22%
Today’s agenda
Quarterly results or updates expected on Thursday from Coles Group, IGO, Lynas Rare Earths and Mineral Resources. Companies scheduled to hold annual meetings include, Challenger, Charter Hall Retail REIT, EQT Holdings, Healius, JB Hi-Fi, James Hardie, Kelsian Group and PWR Holdings.
Two companies are set to host investor day events: Alcoa and Suncorp Group.
There is no Australian data on the calendar. However, overseas the focus is on the Bank of Japan’s policy meeting and then the European Central Bank’s policy meeting.
Top stories
Two WiseTech senior executives among those under ASIC scrutiny | The software giant had told investors that trades made by “three employees” were being probed alongside chairman Richard White, without providing details.
James Hardie chairwoman Anne Lloyd dumped in wave of shareholder anger | The unprecedented vote showed two other directors at the building materials giant are also likely to lose re-election attempts at an annual meeting on Thursday.
Albanese lands the hottest seat at APEC’s festival of Trump | The Australian PM had not met Donald Trump until last week – but he was seated directly to his right at a dinner designed to stroke the US president’s ego.
RBA may be done and dusted on rates after ‘ugly’ inflation | Bond traders have all but ruled out any chance of a rate cut before Christmas after a red-hot inflation report stunned financial markets.
How LSKD’s founder jumped 48 spots on the Young Rich List | The founder of the sportswear chain rose from 77th place to 29th and was the biggest mover of the year, with an estimated personal wealth of $221 million.
