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 open marginally lower with ASX futures down 0.1%. Global equities have fallen, weighed down by tech stocks as investors continue to question spending on Artificial Intelligence and lofty valuations with the broader tech sector taking on more debt to expand AI capabilities.
On Wall Street the main indices have fallen for a fourth consecutive day with the S&P 500 and Nasdaq at three-week lows. Nvidia fell while chipmaker Broadcom also dropped, sending the broader chips index lower. Alphabet shares fell on reports that its Google unit is taking on a new initiative to erode Nvidia's software advantage.
In the UK, inflation unexpectedly fell to 3.2% in November from 3.6% the month before, firming odds of a cut to interest rates by the Bank of England. In the US, consumer price inflation data for November will be released tonight. And oil prices have rebounded after President Trump ordered a blockade of all oil tankers under sanctions entering and leaving Venezuela.
The US dollar index is up 0.2% on the day, whilst the Australian dollar has fallen to US66c. And the British pound has fallen around half a percent following the UK inflation data.
