Local shares are set to open flat, even after iron ore and oil prices leapt higher over the weekend. ASX futures were 4 points lower after Wall Street slipped, although it did steady from the previous session’s sharp sell-off.
The Australian dollar advanced to above US79¢.on Friday as future contracts soared in China amid more speculative bets on short-term demand for the steelmaking raw material. Oil rose more than 3 per cent to its highest level since May on signs of tighter supply in the US. Base metals were mixed. While aluminium and copper were bid lower, they held near multi-year highs.
The key for the ASX is whether this week’s round of company results can help offset last week’s lacklustre numbers. Companies set to report today include Fortescue Metals, Bellamy’s, Brambles, BlueScope and nib.
Better than expected earnings in the US helped the Standard Poor’s 500 weather the North Korea crisis, the political chaos caused by President Donald Trump’s response to racial violence in Charlottesville and the terror attacks in Spain.
“A solid earnings backdrop and a less hawkish outlook on the Fed” continued to underpin the SP 500, said BMO Capital Markets chief economist Douglas Porter, who noted the US benchmark was less than 2 per cent from its recent high.
“The surprising sag in core inflation [in the US] this year is not only confounding the FOMC [Fed policymakers] and helping skewer bond yields, but is also reassuring equity investors that aggressive tightening is not on the horizon,” Mr Porter said.
The SP 500 steadied on Friday in New York, after tumbling 1.5 per cent the previous session amid concern about President Trump’s economic agenda and the attacks in Spain. Bulls seem to be holding fast.
Article source: http://watoday.com.au/small-business/managing/work-in-progress/intercultural-relationships-a-factor-in-entrepreneurial-success-research-shows-20170720-gxfmwo.html
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