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Highlights
- Australian shares poised to open slightly lower, following subdued trends in US markets.
- Bitcoin hits a historic milestone before retreating below the $100,000 mark.
- European markets gain as easing tensions support banking stocks.
Australian shares are expected to see a minor dip as futures suggest a modest decline of 0.1%, positioning the ASX 200 at 8,480 points early today. The decline aligns with global market activity, where investors are navigating economic signals and corporate news.
US Markets Reflect Anticipation of Key Economic Data
US share markets displayed subdued movement as market participants awaited the nonfarm payroll data, a critical indicator for the Federal Reserve’s upcoming rate decisions. The Dow Jones dropped by 0.6%, while the S&P 500 and Nasdaq both fell 0.2%.
Corporate news was in focus, with UnitedHealth (NYSE:UNH) experiencing a 5.2% drop in its stock price following tragic developments involving its insurance unit CEO, Brian Thompson. Meanwhile, tech stocks presented mixed outcomes. Tesla (NASDAQ:TSLA) gained 3.2% after favorable updates on its outlook, while Synopsys (NASDAQ:SNPS) tumbled 12.4%, reflecting concerns over its reduced revenue forecasts tied to weakening Chinese sales.
Bitcoin made headlines by surging past the $100,000 mark, reaching a high of $103,000 before settling below $99,000. The movement underscores continued interest in the cryptocurrency space amid market volatility.
European Markets Extend Gains
European markets closed higher for the sixth consecutive session. France’s CAC 40 index rose 0.4%, supported by easing political uncertainties and strong performances from banking stocks. Germany’s DAX saw a 0.6% increase, marking its third session above the 20,000-point level, while the FTSEurofirst 300 added 0.4%.
Commodities and Currencies Overview
In commodities, Brent crude slipped 0.3% to $72.09 per barrel, and WTI followed suit, dropping 0.4% to $68.30 per barrel. Base metals softened, with copper and aluminum futures showing marginal declines. Gold futures fell 1% to $2,648.40 per ounce, reacting to rising US Treasury yields.
Currency movements were mixed against the US dollar. The Euro edged higher, while the Japanese yen weakened. The Australian dollar fluctuated but ended near 64.50 US cents.
Upcoming Developments
Back in Australia, labour account data is expected to shape market movements, while Collins Foods (ASX:CKF) trades ex-dividend. In the US, nonfarm payroll data and consumer sentiment indicators from the University of Michigan are set to provide further insights into economic conditions.
Global markets continue to reflect a blend of anticipation and reaction to economic and corporate developments, with investors closely monitoring upcoming data to gauge future trends.
