ASX is looking at a negative opening trading session Monday with SPI currently down 5 points at 5811. This is on the back of negative closing in US markets and mixed closing in European markets.
In US, Dow Jones closed down 0,4%, S & P down 0.6% & Nasdaq closed down 1%. In Europe, FTSE down 0.3%, CAC closed up 0.3% & DAX closed up 0.4%.
There are nervous sentiment in the market with conflicting signals about the US & China trade war puts investors on the defensive edge. However there are positive signs in the US equities with 74% of S & P companies having reported, putting the index on pace for 24.9% blended earnings growth rate for the 3rd quarter. US market continuing to grow with Non-Farm numbers beating market expectation on Friday creating 250,000 jobs in October with unemployment rate remaining at 3.7%.
This week the market will be focusing on Australia’s cash rate on Melbourne Cup Day tomorrow and tipping for RBA to hold rates at 1.50% with US releasing its non-manufacturing PMI numbers and PPI numbers due out on Friday. World will be watching US midterm election on Wednesday.
Please contact one of our Trading Specialists for further information & trading opportunities.
DATA RELEASES THIS WEEK:
GBP – Services PMI
CAD – BOC Gov Poloz Speaks
USD – ISM Non-Manufacturing PMI
AUD – RBA Rate Statement
USD – Congressional Elections
NZD – Employment Change q/q, Unemployment Rate & Inflation Expectations q/q
NZD – Official Cash Rate, RBNZ Monetary Policy Statement & RBNZ Rate Statement
USD – FOMC Statement, Federal Funds Rate & PPI m/m
AUD – RBA Monetary Policy Statement
GBP – GDP m/m, Manufacturing Production m/m & Prelim Business Investment q/q