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Highlights
- ASX futures point to a softer open amid global market caution
- Nasdaq dips as tech sector faces fresh competitive pressures
- Aussie fuel prices ease slightly ahead of national elections
Australian shares are expected to start lower today, with ASX futures indicating a 53-point or 0.7% retreat to 7,980 points. This cautious tone follows a mixed performance on Wall Street overnight, where early optimism gave way to investor wariness ahead of key economic data releases later this week.
In the US, the Dow Jones Industrial Average edged higher by 114 points or 0.3% to close at 40,227.59. The broader S&P 500 inched up 0.1% to finish at 5,528.75. However, the tech-heavy Nasdaq Composite slipped 0.1% to 17,366.13, weighed down by weakness across Information Technology, Consumer Staples, and Consumer Discretionary sectors.
One of the notable drags on the Nasdaq was Nvidia (NASDAQ:NVDA), which fell 2% following reports that Huawei is set to test its Ascend 910D chip, potentially offering direct competition to Nvidia’s AI processors. Kraft Heinz (NASDAQ:KHC) also declined by more than 2% ahead of its earnings announcement scheduled for Tuesday. Meanwhile, IBM (NYSE:IBM) rose 1.6% after unveiling a US$150 billion investment plan aimed at expanding domestic operations over the next five years.
In Europe, markets ended the session in positive territory, although gains moderated towards the close. The FTSEurofirst 300 index added 0.5% to 2,077.38, supported by strength in healthcare and banking sectors. The UK’s FTSE 100 Index ended virtually flat, nudging up by just 2 points to 8,417.34. Airbus (EPA:AIR) saw its shares jump 2.6% after it announced plans to acquire key assets from Spirit AeroSystems, while Boeing (NYSE:BA) shares rose 2.4% in US trading.
On the commodities front, oil prices tumbled as concerns about increased OPEC+ supply and a sluggish global economy weighed on sentiment. Brent crude dropped 1.5% to US$65.86 a barrel, and US Nymex crude also fell 1.5% to US$62.05 a barrel. In contrast, gold prices surged, with futures climbing 1.5% to US$3,347.70 an ounce, buoyed by a softer US dollar.
The Australian dollar traded around US64.28 cents, recovering slightly after dipping to a session low of 63.68 US cents. The US dollar weakened against major currencies, providing further support for commodity prices.
Domestically, Australian motorists enjoyed a slight reprieve at the pump, with the national average price of unleaded petrol dipping 0.7 cents to 178.1 cents a litre over the past week, according to the Australian Institute of Petroleum. This places fuel prices below the 12-month average of 184.4 cents a litre, offering some relief ahead of the upcoming federal election.
Looking ahead, investors will closely monitor a speech from Reserve Bank of Australia assistant governor for financial markets Christopher Kent. In the US, a series of key data releases including trade figures, home prices, job vacancies, and consumer confidence surveys are also on the radar, along with corporate earnings from names such as Coca-Cola (NYSE:KO), General Motors (NYSE:GM), Kraft Heinz (NASDAQ:KHC), Pfizer (NYSE:PFE), Royal Caribbean (NYSE:RCL), Snap (NYSE:SNAP), Spotify (NYSE:SPOT), Starbucks (NASDAQ:SBUX), Super Micro Computer (NASDAQ:SMCI), UPS (NYSE:UPS), and Visa (NYSE:V).
