Today’s Announcements & News
US January CPI at 12.30am AEDT Wednesday
Australian shares are set for a muted open on a week that may prove pivotal for the year-to-date rally as local reporting season accelerates and the release of January US CPI data tests Wall Street’s resilience.
The rally in Chinese shares also took a breather, with Hang Seng Index down 2% for the week.
Amid a slew of hawkish Fed officials’ policy guidance, the US dollar index consolidated above key support of 100 last week, showing signs of strengthening towards a further resistance of above 105.
Oil posted its largest weekly gain in four months last week after Russia followed through on a threat to cut production in response to western energy sanctions.
Moscow says it will reduce output by half a million barrels, equivalent to about 5 per cent of January levels. The cut was the first major effect on Russian production from the swath of sanctions that have been placed on the country’s output, leading West Texas Intermediate to advance to just below $US80.
The above analysis is only for the views of market researchers and is for reference only and is not regarded as a specific investment suggestion.