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AU Financial Review
12 hours ago
- Business
- AU Financial Review
ASX to edge higher, Nvidia paces tech sell-off
Australian shares are set to open higher. In contrast, Nvidia paced a drop in the S&P 500 and Nasdaq, paring some of the tech sector's more than 40 per cent rally from April's lows. Still, trading was not in one direction. While Nvidia led the magnificent seven lower with a 2.7 per cent slide, Intel surged more than 8 higher. Palantir tumbled near 9 per cent. Palo Alto leapt 3.5 per cent. In a note, Strategas Securities' Nicholas Bohnsack said while it's difficult to poke holes in the bull case, assets are increasingly priced for perfection. 'Prevailing equity valuations are in the 94th percentile of their historical range and corporate credit spreads are now at about 28-year tights.' Bonhsack also said while policy uncertainty has eased, implementation hurdles persist. And while data supports a shift to easier monetary policy, the Federal Reserve will want to remain vigilant, given inflation is 'sticky' and growth has moderated. Among the key results expected on Wednesday: Santos, James Hardie, Stockland and Magellan Financial. Follow our reporting season coverage here. Market highlights ASX 200 futures are pointing up 15 points or 0.2 per cent to 8870. All US prices near 2.15pm New York time. Today's agenda The Economic Reform Roundtable continues for a second day. Follow our coverage here. The Treasury's meeting agenda can be found here. The Reserve Bank of New Zealand is widely expected to cut its key rate by 25 basis points to 3 per cent at a policy meeting on Wednesday. The decision is expected at 12pm AEST. NAB said: 'The key outstanding question is: how much further might rates go after the cut to 3.0 per cent? Our BNZ cousins suggest one more nudge to 2.75 per cent is a minimum requirement.' RBA assistant governors Michelle McPhee and Brad Jones will participate on an online panel called 'The Future of Money' at 12pm AEST hosted by the Economic Society of Australia. Later in the day, the UK and the EU will release July CPI data. Top stories Labor's spending made RBA's job harder: Lowe | Former Reserve Bank governor Philip Lowe says the government has lost budget discipline and its handouts to households made the central bank 'the baddie'. | The nation's top stock-pickers sought refuge from excessively valued banks by piling into the healthcare giant. It worked, until it didn't. | Pensioners with assets will have their benefits pared back next month after the government decided to lift the deeming rate by 0.5 of a percentage point. | The big four bank's new chief executive, Nuno Matos, is expected to make several other key hires in coming weeks as he finalises his new front bench.
AU Financial Review
a day ago
- Business
- AU Financial Review
ASX to open lower, Powell speech awaited
Australian shares are poised to open lower. US equities were little changed in afternoon trading with investors looking ahead to a speech by Federal Reserve chairman Jerome Powell later in the week. On Tuesday's reporting schedule, among others: CSL, BHP Group, HMC Capital, Woodside Energy and Centuria Capital Group. Follow our reporting season coverage here. Market highlights ASX 200 futures are pointing down 33 points or 0.4 per cent to 8864. All US prices near 3pm New York time. Today's agenda The Economic Reform Roundtable begins on Tuesday with Anthony Albanese, Jim Chalmers and Michele Bullock set to speak. August consumer confidence data will be released at 10.30am on Tuesday morning. NAB said: 'We expect consumer confidence to lift following the RBA's August interest rate cut and the ongoing rally in equity markets. NAB's high frequency transactions data suggests the pickup in consumer spending seen in May and June continued into July – July transactions rose 0.7 per cent month-over-month.' Later, at 10.30pm, the US will release July housing starts and building permits. Top stories How $50m windfall in Qantas case changes the game for unions | The unprecedented amount awarded to the Transport Workers Union could be the beginning as new wage theft laws dramatically increase the maximum fines available. Chanticleer: The market and the maths show Qantas got off lightly | The illegal sacking of more than 1800 workers has cost money, reputations and investor angst. But after its record penalty, does the size of the stick match the carrot? Tensions between unions and business cast shadow over summit | Productivity Commission chair Danielle Wood joins employers in pushing back at the Victorian government's proposed work-from-home laws. | In a note to investors on Monday, the firm said the huge Wall Street debut meant it had revised the value of its stake in the design software business. | Federal Court Justice Michael Lee has imposed the largest fine on a company under the Fair Work Act for illegally sacking more than 1800 workers.
