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.
Powell will speak on Friday morning (early Saturday AEST) at the Kansas City Fed’s annual gathering of global central bankers in Jackson Hole, Wyoming.
Powell’s speech is “the most anticipated [one] of his 90 months” as chairman, according to Yardeni Research. “An unwarranted cut of the federal funds rate [next month] could have unintended consequences that include a stock market melt up and a bond market meltdown.”
Yardeni said every meeting seems consequential to investors just before it occurs. “But with stock investors confident of a rate cut, President Donald Trump demanding one, and the economic support for one so far ambivalent at best, the US central bank’s September 2025 decision will be important for sure.”
Market highlights
ASX 200 futures are pointing down 23 points or 0.3 per cent to 8874.
All US prices near 5pm New York time.
AUD -0.2% to US64.93¢Bitcoin -1% to $US116,520On Wall St: Dow -0.08% S&P -0.01% Nasdaq +0.03%VIX -0.1% to 14.99Gold -0.1% to $US3332.72 an ounceBrent oil +1.1% to $US66.54 a barrelIron ore -0.2% to $US101.70 a tonne10-year yield: US 4.33% Australia 4.27%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.
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