ASX is expecting to open lower with SPI currently down 23 points trading at 6108. This is on the back of a mixed closing across US & European markets on Friday with Dow Jones closing down 0.3%, S & P down 0.2% & Nasdaq down 0.3%. In Europe FSTE closed down 0.6%, CAC was up .2% & CAC closed flat.
Non-farm numbers boosted the market with additional 201,000 jobs added during August but unemployment rate was up 0.1% to 3.9%. Further fears renewed with threats by President Trump to add further tariff against Chinese goods. While there was no immediate imposition of tariffs on the US$200 billion of Chinese goods that the administration has targeted, but Trump told reporters he already was looking towards hitting a further US$267 billion of Chinese goods.
AUDUSD took another hit briefly dipped to US$ 0.7099 and managed to recover to US 0.7107 cents at NY close. Gold also lost 0.3% trading at US $1196.93, Iron Ore was up 0.1% trading at US $68.48 a tonne at the close.
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DATA RELEASES THIS WEEK
GBP – GDP m/m & Manufacturing Production m/m
GBP – Average Earnings Index 3m/7
USD – PPI m/m
USD – Crude Oil Inventories, CPI m/m & Core CPI m/m
AUD – Employment Change & Unemployment Rate
GBP – MPC Official Bank Rate Votes, Monetary Policy Summary & Official Bank Rate
EUR – ECB Press Conference
USD – Core Retail Sales & Retail Sales m/m
GBP – BOE Gov Carney Speaks
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