1 October we become SureStone CapitalSame team, same ABN. Our website and email addresses move to surestone.com.au.
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Global investors have continued to rotate out of tech stocks on the threat posed to software businesses by AI. The local market is set to open lower, with ASX futures pointing down 0.16%.
On Wall Street, the Nasdaq fell more than 1.5% with investors selling out of software related stocks and seeking value elsewhere with the S&P 500 value index. Alphabet reported after the bell and revealed it's targeting capital expenditure of $175 to $185 billion this year as it ramps up investments in the AI race.
In the latest US economic data, private sector employment rose by 22 thousand which was less than half of economists' projections. Oil prices have surged on reports that talks between the United States and Iran are likely to collapse. Meanwhile, gold has slipped as the US dollar strengthened and investors took profits after recent gains.
The US dollar has risen for a fourth straight day against the Yen ahead of Japan's elections on expectations of increased fiscal and defence-spending. The Australian dollar is trading at 70 cents.
