Australian shares are set to open lower, tracking modest losses near 11am in New York. Both oil and gold were higher, as expected as the US and Israel continued to attack Iran.
The Australian Financial Review Business Summit opens on Tuesday morning with a keynote address from Michele Bullock, governor of the Reserve Bank of Australia. Follow our coverage here.
ASX 200 futures were down 41 points or 0.5 per cent to 9116 near 3am AEDT. The S&P 500 was 0.3 per cent lower, with materials and consumer discretionary leading eight of the benchmark’s 11 industry sectors down.
Energy, industrials and information tech sectors were higher.
Market highlights
ASX 200 futures are pointing down 41 points or 0.5 per cent to 9116.
All US prices near 11am New York time.
AUD -0.8% to US70.61¢Bitcoin +3.2% to $US69,080On Wall St: Dow -0.4% S&P -0.3% Nasdaq -0.2%VIX +1.69 to 21.55Gold +0.9% to $US5324.99 an ounceBrent oil +7.6% to $US78.41 a barrelIron ore +0.8% to $US99.10 a tonne10-year yield: US 4.04% Australia 4.63%Today’s agenda
Life360 Inc is expected to report quarterly results on Tuesday. January building approvals are set to be released at 11.30am.
In the UK, Chancellor of the Exchequer Rachel Reeves is to present an update to the budget and economic outlook forecasts.
Australia will release fourth-quarter GDP on Thursday. China will lay out its economic policy agenda for this year, as well as its goals for the 15th Five-Year Plan period (2026-30), at the National People’s Congress also on Thursday. Early Saturday AEDT, the US will release February jobs data.
Top stories
Need to Know: What’s happening in the Middle East: Oil refineries and LNG production have been throttled across the Middle East; Iranians have begun to enter Turkey fleeing US strikes.
Reliance on big government hurting the nation globally: BCA | Australia needs incentives to boost business investment to help sustain the community’s increasing reliance on government, the BCA says.
Barrenjoey boomerangs back to Magellan in the hope of Macquarie 2.0 | The homegrown investment advisory shop’s debut was the worst-kept secret in the market. Its merger with its funds management backer was kept well under wraps.
Middle East conflict ignites new inflation fears for RBA | A surge in oil prices will feed through to higher costs at the bowser for consumers and weigh on economic growth.
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