Today’s Announcements & News
The Australian Q4 CPI data unexpectedly printed at a fresh 30-year high of 7.8% year on year, pushing up the Aussie dollar and sending the ASX 200 lower.
AU Market closed today due to Australia Day.
US stocks bounced off session lows as tech shares showed resilient moves after the Microsoft-induced selloff. Despite a beat on earnings expectations, the software giant warned of a further slowdown in its cloud business’ growth, causing an initial selloff in most of the tech stocks.
The US earnings season is not rosy so far, with an expectation of a 3.2% decline in earnings year on year in the S&P 500 in the fourth quarter. The resilient moves on Wall Street on Wednesday suggest that investors intend to be bullish amid macro-optimism on the back of cooling inflation and a slowdown in rate hikes by central banks.
Gold futures climbed higher for the third consecutive trading day as the softened USD continued to push up the precious metal, while the risk aversion sentiment may also support its upside momentum. Golf price may head off the next potential long target of around 1, 973 before it retreats.
Crude oil was slightly higher after swinging in directions as traders might have lost the plot after the EIA reported less-than-expected stockpiles, but the inventory number reached a 16-month high of 820.14 million due to an outage in the refinery.