The Australian share market is poised for a mixed open on Wednesday as U.S. stocks on Wall Street inched lower as investors anticipate the start of earnings season and a new inflation report.
The ASX futures rose +14 points, or +0.2%, 7,261, while our local currency, the Australian Dollar, is currently buying US$0.7340 (as of writing).
Wall Street’s major U.S. indexes closed lower for a third consecutive session Tuesday ahead of a key U.S. inflation reading and a kick-off to third-quarter earnings season.
At the finishing bell, on the New York Stock Exchange (NYSE), the blue-chip Dow Jones Industrial Average lost -117.72 points, or -0.34%, to close at 34,378.34.
The broad-based Standard & Poor’s 500 Index declined -10.55 points, or -0.24%, to close at 4,350.64 while the rich-tech Nasdaq Composite Index slid -20.3 points, or -0.14%, to close at 14,465.9.
Spot gold added +0.57% to $US1,760.00/oz, while in other markets, West Texas Intermediate crude rose +1.7% to $79.70 per barrel, and Brent oil, oil’s international benchmark, slid -0.3% to $83.28.
Meanwhile, iron ore prices fell -4.5% to $US129.00 a tonne, while Bitcoin was fell -3.4% to $US56,340.00 (as of writing).
Markets were “mostly in wait-and-see mode” ahead of this Wednesday’s U.S. consumer-price report for September CPI and retail sales, the latest Federal Open Market Committee (FOMC) minutes, and the start of the U.S. Q3 earnings season.
Investors will be looking for clues about timelines surrounding the central bank’s planned taper for its bond-buying program.
Then on Thursday, we get an update on the Australian jobs data.
Based on the technical assessment, momentum remains weak.
Therefore, we could see a potential slide, with the immediate support is considered at 7,280 (minor), with 7,240-45 assessed beneath.
The resistance is considered minor at 7,315, with 7,355 located above.
Daily outlook on the benchmark S&P/ASX 200