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 set to rebound from Friday's steep losses with ASX futures up more than 1%. This follows a mixed session on global markets on Friday with European stocks ending lower on concerns of stretched tech valuations.
Meanwhile on Wall Street, stocks rallied on expectations of a December interest rate cut by the Federal Reserve. However, for the week, the Dow was down 1.9%, the S&P 500 lost 2% and the Nasdaq was down 2.7% and the small-cap Russell 2000 index fell for a fourth straight week. Shares of Nvidia briefly jumped on speculation that the Trump administration is considering approving sales of the company's H200 artificial intelligence chips to China.
New York Fed president John Williams, who's seen as an ally of chairman Jerome Powell, has hinted at a December rate cut, saying, “I view monetary policy as being modestly restrictive, although somewhat less so than before our recent actions.”
Gold is weaker, having fallen more than 1% on Friday. Spot gold is trading at $4,065 an ounce currently. The US dollar is little changed, whilst the Australian dollar is at US64.6 cents.
