Australian shares are poised to rise but Wall Street fell as traders took a risk-off stance to the start of December.
Bitcoin slid more than 7 per cent to below $US85,000. That’s a decline of 33 per cent in just eight weeks. Stocks across the crypto industry tumbled. Oil rose as much as 2.4 per cent.
US chip design software maker Synopsys rose 7.4% after Nvidia took a $3 billion stake in the company.
Treasuries fell amid high expectations that the US Federal Reserve will cut interest rates again next week — over the objection of several policy makers who are concerned that inflation could become entrenched above the central bank’s 2% target.
Traders are pricing in an 87.6% chance for a 0.25 percentage point cut in December, roughly doubling the odds from late last month, according to CME Group’s FedWatch Tool.
“There is little question that the action over the past two weeks bodes well for a year-end rally,” said Matt Maley at Miller Tabak. “We’re still going to have to see some more upside follow-through this week to confirm that the worst is behind us.”
Market highlights
ASX futures are pointing up 34 points or 0.4 per cent to 8617
All US prices are as of New York time.
- AUD flat to 65.54 US¢
- Bitcoin -7.8% to $US84,510
- On Wall St: Dow -0.4% S&P -0.3% Nasdaq -0.2%
- Gold -0.3% to $US4,226.65 an ounce
- Brent oil +0.7% to $US63.08 a barrel
- Iron ore +1.6% to $US103.85 a tonne
- 10-year yield: US +4.09% Australia +4.55%
Today’s agenda
A big week of economic data continues with Australia’s trade balance data out today at 11.30am, with GDP to follow on Wednesday.
US Federal Reserve chairman Jerome Powell is due to make a highly anticipated speech at 12pm.
The Bank of Queensland holds its AGM; Collins Foods is due for its half-yearly report.
Top stories
NDIS workers submit invoices on serviettes in a system gone ‘wild’ | A major NDIS plan management provider says the scheme is bogged down by red tape and needs an urgent overhaul of the payments system.
Private sector wages soar 6pc, outpacing profits | The latest data suggests higher wage bills are reducing profit margins and could force businesses to pass their increased costs on to consumers.
One in four male Gen Xers now support One Nation | Males over 50 and under financial stress are the new political “anti-heroes”, says a new jumbo poll looking at the rising support of Pauline Hanson’s party.
‘Totally skewing the housing market’: Calls to wind back capital gains tax discount for new homes | The Greens could support paring back the capital gains tax discount for housing – and some senior economists agree there is a case for making changes.
Chanticleer: Best place to build a new $1b power plant? That’s in Queensland! | Meet the first of what should be a few gas peaking power plants in the Sunshine State.
