Australian shares are poised to open lower with investors keenly awaiting the Reserve Bank\u2019s policy statement and any forward-looking comments from governor Michele Bullock\u2019s press conference.<\/p>\n
In New York, the S&P 500 was modestly higher at 3.20pm, bolstered by continuing enthusiasm for artificial intelligence after two more massive investment deals. Nvidia rallied 2.3 per cent.<\/p>\n
Note: With a time change in North America this past weekend, Wall Street now closes at 8am AEDT.<\/p>\n
Amazon\u2019s cloud unit has signed a $US38 billion ($58 billion) deal<\/a> to supply a slice of OpenAI\u2019s bottomless demand for computing power. Amazon shares were up 4.1 per cent.<\/p>\n Separately, Microsoft has signed a near $US9.7 billion ($14.8 billion) deal to purchase AI cloud capacity from Sydney-based Iren<\/a>, becoming the Australian company\u2019s largest customer. Iren was 13.4 per cent higher.<\/p>\n \u201cLast week\u2019s reports from Microsoft, Google, Meta, and Amazon show all four hyperscalers boosting capex from already-elevated levels, signalling rising aggregate demand,\u201d Societe General\u2019s Manish Kabra said in a note. \u201cThese stocks account for 42 per cent of Nvidia\u2019s revenue, offering comfort ahead of Nvidia\u2019s 19 November earnings release. Meanwhile, OpenAI weekly users continue to surge, and our SG Global Cycle indicator has re-accelerated for four consecutive months.\u201d<\/p>\n Still, there\u2019s some worry that markets have risen too fast. Market strategist Ed Yardeni said: \u201cWhile earnings are bullish, the signal from barometers of investor sentiment is bearish in the very short term. There are too many bulls, a bearish sign.\u201d<\/p>\n Market highlights<\/p>\n ASX 200 futures are pointing down 12 points or 0.1 per cent to 8891. AUD -0.1% to US65.39\u00a2Bitcoin -3% to $US106,645On Wall St: Dow -0.5% S&P +0.2% Nasdaq +0.5%VIX -0.28 to 17.16Gold +0.2% to $US4011.42 an ounceBrent oil +0.1% to $US64.86 a barrelIron ore -1.3% to $US104.75 a tonne10-year yield: US 4.11% Australia 4.33%Today\u2019s agenda<\/p>\n The key focus on Tuesday is on the Reserve Bank, which will release a policy statement and a Statement on Monetary Policy at 2.30pm AEDT. Governor Michele Bullock will host a press conference an hour later.<\/p>\n eToro\u2019s Josh Gilbert: \u201cThere\u2019s not much optimism left for a [rate] cut. Last week\u2019s stronger-than-expected inflation print almost certainly pushes back the expectation of any more rate cuts before the year\u2019s end.<\/p>\n \u201cQ3 CPI came in hot across the board, reinforcing that price pressures are proving hard to shake. Those pressures are broad-based, led by a sharp lift in housing and health, the fastest pace since 2022 for several key categories in the CPI basket. That means a hold tomorrow; putting rate-sensitive sectors under pressure, but supporting the Aussie dollar.<\/p>\n \u201cMichele Bullock and her team have already been clear that they are in no rush, and it\u2019s clear that getting inflation under control will take longer than anticipated. Until there\u2019s more compelling proof that inflation is trending lower, the board will sit tight, and rates won\u2019t be moving for now.\u201d<\/p>\n There are no scheduled corporate updates for Tuesday.<\/p>\n Top stories<\/p>\n Ley poised to dump net zero to save her leadership<\/a> | As the opposition leader prepares to abandon the 2050 target, moderates warn it will ensure the party\u2019s \u201congoing demise\u201d as its primary vote hits a record low.<\/p>\n Iren lands $14.8b Microsoft deal for AI cloud services<\/a> | Sydney-based Iren will provide Microsoft with data centres for artificial intelligence under a five-year deal that is expected to generate billions in revenue.<\/p>\n Animoca Brands plans Nasdaq launch via reverse merger<\/a> | Once delisted and dismissed by the ASX, Animoca Brands is now set for a Nasdaq debut through a reverse merger thanks to Trump\u2019s crypto-friendly thaw in the US.<\/p>\n
All US prices near 3.20pm New York time.<\/p>\n