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 negative start to the week with ASX futures down 0.6%. Global equity markets fell on Friday, with investors wary of valuations of AI related companies.
On Wall Street the S&P 500 and Nasdaq fell heavily in the wake of results from Broadcom and Oracle. For the week, the S&P 500 fell more than 0.5%, the Nasdaq lost 1.6%, while the Dow gained 15%. US-listed shares of cannabis companies jumped on reports that President Trump will push the government to loosen federal restrictions on marijuana.
This week attention will be focused on US non-farm payrolls data for October and November, which has been delayed by the government shutdown and is expected to provide markets a guide to the Fed's next policy moves. Markets price a 20% chance the Fed funds rate will be cut by 25 basis points at the next meeting at the end of January, with a total of around two more cuts in this easing cycle.
Silver prices were down 3% after hitting an all-time high, while gold is up at $4,300 an ounce. The US dollar rose on Friday, whilst the Australian dollar is trading at around US66.5 cents.
