Company Interview / the open: silver savaged 🥈 ASX to drop

Global investor sentiment soured further overnight with losses across the boards of major bourses, while precious metals fell and Bitcoin plunged. The local market is set for a third day of losses with ASX futures down 0.95%. 

On Wall Street, shares of US software and data services companies extended their steep slide for a seventh straight session on investor concern that rapidly developing AI tools could disrupt the sector. The Nasdaq fell to its lowest level in 3 months. 

The European Central Bank has left its benchmark interest rate at 2% as expected with a largely unchanged inflation outlook suggesting policy will remain steady for months to come. And the Bank of England has also kept interest rates on hold in a narrow 5-4 vote, and said borrowing costs are likely to fall if inflation continues to decelerate. 

The US dollar has hit a two-week high against most major currencies, while the British pound has tumbled. The Australian dollar has fallen to US69.5c.