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 to add to yesterday's gains with ASX futures up 0.4%. Global equity markets were mostly higher to begin the week with investors in Europe encouraged by progress on a peace deal between Ukraine and Russia.
Meanwhile increased expectations for a December rate cut from the US Federal Reserve boosted stocks on Wall Street. Gains among the megacap AI-related momentum stocks sent the Nasdaq soaring, up 2.7%. Tesla and Alphabet led the way with Alphabet closing in on a $4 trillion valuation, while Nvidia and Broadcom was another out performer.
Federal Reserve governor Christopher Waller has said he’s advocating for an interest-rate cut in December, saying, “My concern is mainly the labour market, in terms of our dual mandate. So I’m advocating for a rate cut at the next meeting.”
Gold has gained on rate cut expectations, with spot gold up 1.2% at $4,110 an ounce. The US dollar is unchanged, whilst the Australian dollar has risen to US64.7 cents.
