The local share market took a hit in early trade due to data showing a slight ease in expectations of a US rate cut. Energy stocks, however, rallied after oil prices spiked overnight. To stay updated on the day’s financial news, follow our live blog for insights from our specialist business reporters. Please note that the information provided is not intended as investment advice.
In the financial snapshot, the ASX 200 saw a decrease of 0.2% to 8,210 points, with the Australian dollar remaining flat at 67.39 US cents. Other major indices, such as the S&P 500, Nasdaq, FTSE, and EuroStoxx, also experienced slight declines. Meanwhile, spot gold saw a slight increase, while Brent crude and iron ore prices surged. Bitcoin also saw a slight uptick in value.
Tesla made headlines with the announcement of its fleet of fully autonomous robotaxis, priced at $30,000 per car. The event showcased the new Cybercab and robovin models, with plans for rollout in Texas and California next year. However, the event was delayed due to a medical emergency in the crowd.
On the Asian markets front, traders are eagerly awaiting details of China’s stimulus plans to boost the economy. The Hang Seng saw a 3% increase, while the Shanghai Composite dipped by 1%. The currency market is expected to react to the fiscal package announcement.
In the supermarket sector, Coles and Woolworths faced scrutiny from the Senate committee on pricing and landbanking practices. The ACCC’s investigation into potential land banking practices by major supermarkets raised questions about site holdings and development plans. Both companies defended their practices, citing competition and market dynamics.
Additionally, Australian rock lobster exports are set to resume in China after a four-year ban, with exports expected to pick up by the end of the year. ANZ became the last of the big four banks to drop rates below 6% for fixed home loans, with more cuts expected in the market.
As the day unfolds, keep an eye on market movements and key events that could impact various sectors. Stay tuned for more updates on financial news and developments.