1 October we become SureStone CapitalSame team, same ABN. Our website and email addresses move to surestone.com.au.
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The local market is set for a flat opening, after what was a mixed session on Wall Street. US stocks were mostly lower and Treasury yields rose after market expectations for an interest rate cut by the Federal Reserve were shaken by stronger-than-expected inflation data.
The S&P 500 did manage to finish at another record closing high, while the Dow Jones and Nasdaq were flat. US producer prices increased by the most in three years in July, rising 0.9% amid a surge in the costs of goods and services, suggesting a broad pickup in inflation was imminent.
On the geopolitical front, President Trump has said he believes his Russian counterpart Vladimir Putin is ready to end his war in Ukraine, saying, "I think President Putin will make peace, I think President Zelenskiy will make peace... We'll see if they get along."
The US dollar rose across the board in the wake of the inflation data, whilst the Australian dollar has tumbled back below 65 US cents. Bitcoin has also fallen, dropping from its recent record high to $117,000.
