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 modestly lower with futures down 5 points. This comes despite global stocks rounding out their third straight week of gains on Friday, rising for seven consecutive months.
Investors on Friday were buoyed by quarterly earnings results. For the month, the S&P 500 was up 2.25%, the Nasdaq added 4.7% and the Dow rose 2.5% for the month. Amazon shares rallied on Friday to an all-time high following its forecast for quarterly sales above estimates. That boosted the consumer discretionary sector which closed up 4%.
Parts of the US economy, particularly housing, may already be in recession because of high interest rates, according to US Treasury Scott Bessent, who has repeated his call for the Federal Reserve to accelerate interest rate cuts. The US dollar index rose on Friday, meanwhile the Australian dollar is trading at around US65.5 cents.
Today building approvals for September will be released, and tomorrow the RBA will reveal its interest rate decision.
