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Highlights
ASX futures point to a subdued open amid mixed global equity movements
Wall Street closes flat after early gains; Fed holds rates steady again
Focus turns to Australian job data and New Zealand GDP for trading cues
The Australian share market, tracked through the ASX 200 index, is expected to open on softer footing this Thursday. Futures trading suggests a slight decline, with overnight developments across global markets weighing on sentiment ahead of domestic data releases.
Investors remain attuned to a cautious tone as inflation expectations, commodity moves, and geopolitical uncertainty continue to shape sentiment across sectors.
Wall Street Starts Strong, Closes Muted Amid Rate Uncertainty
Overnight trading in the US displayed early optimism, but momentum faded as markets digested another unchanged rate decision from the Federal Reserve. The S&P 500, Dow Jones, and Nasdaq all saw intraday gains evaporate by the session’s end.
The Fed’s latest “dot plot” signaled that officials remain divided on the interest rate outlook, even though a modest easing bias persists. Fed Chair Jerome Powell reiterated a patient approach, citing ongoing inflation concerns and uncertainties tied to tariffs as reasons to hold the current stance.
Commodities Show Mixed Momentum Amid Volatile Backdrop
Global commodities offered a fragmented picture, impacting investor sentiment tied to resource-heavy markets like Australia. Precious metals, including gold and silver, recorded declines, while industrial metals such as copper and nickel found firmer ground.
Oil prices remained largely range-bound, as geopolitical friction between Israel and Iran continued to influence energy market direction. Brent crude hovered near its recent levels, while West Texas Intermediate stayed marginally lower, with limited movement despite regional tensions.
Currency and Crypto Update with Spotlight on the AUD
The Australian dollar edged higher against the US dollar, lifted by broad greenback softness and anticipation of economic indicators due later in the day. Currency markets largely reflected a wait-and-see mood, echoing central bank signals on both sides of the Pacific.
Bitcoin posted marginal gains, continuing to consolidate around its recent highs. The broader crypto market stayed relatively steady, providing little directional impetus for equity traders.
Local Events: Unemployment Data and Trading Halts in Focus
Domestically, all eyes will turn to the nation’s unemployment figures scheduled for release mid-morning. The outcome could influence both currency and equity trading as participants gauge the strength of the labour market.
Also on the radar are trading halts for several companies including Adveritas (ASX:AV1), Cygnus Metals (ASX:CY5), Lode Resources (ASX:LDR), and Odyssey Gold (ASX:ODY), primarily due to capital raising announcements or clarification of previous disclosures.
Global Headlines Stir Debate but Offer Limited Market Direction
Internationally, headlines from the US offered a mix of political drama and corporate news. Boeing faced scrutiny over technical issues in its 737 Max aircraft, while Alphabet’s Waymo sought approval to expand autonomous vehicle trials in New York City.
Former US President Donald Trump added to the spectacle with remarks on interest rates and the Federal Reserve, though markets largely shrugged off the rhetoric.
