1 October we become SureStone CapitalSame team, same ABN. Our website and email addresses move to surestone.com.au.
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The Australian sharemarket is set to open lower with ASX futures off by 0.3%. Global equity markets closed mostly in the red overnight, while the US dollar and Treasury yields fell and gold hit another record.
On Wall Street the main stock indices ended lower in choppy trading amid investor caution ahead of an anticipated interest rate cut from the Federal Reserve. The CBOE Volatility Index climbed to its highest level in more than a week. Nvidia shares fell after Reuters reported weak demand in China for its new AI chip.
US retail sales surged 0.6% in August, beating forecasts. However, momentum is expected to ease amid labour market weakness and rising goods prices because of tariffs on imports. The Fed is expected to cut its benchmark interest rate by a quarter of a percentage point to the 4.00%-4.25% range at the end of its monetary policy meeting tonight.
The US dollar index is down 0.7% on the day to be at a three-month low. Meanwhile the Australian dollar has climbed further to US66.8c. And bitcoin has advanced to $117,000.
