ASX is set to open slightly lower with SPI currently down 2 points at 6366 on back of some key economic data and a Federal Reserve meeting this week.
The markets closed higher in both US & and mixed closes in Europe, with the Dow Jones closed up 0.3%, S & P up 0.5% & Nasdaq up 0.3%. In Europe, FTSE closed down 0.1%, DAX closed up 0.3% & CAC up by 0.2%. In Commodities, Gold closed up higher ending 0.7% to US 1286.25 an ounce, Brent crude closed flat at US 72.15 a barrel while US oil closed down 0.3% to US 62.85 a barrel. Iron Ore up by 0.1% to US 93.58 a tonne.
AUDUSD closed up by 0.3% to US 0.7038 cents after it spiked up pass 0.7067 cents during Friday evening.
Big corporate results are expected after Wall Street ended a record breaking week on a high. Investors are expecting results from McDonalds, Google and Apple, while the US Federal Reserve will hold its next policy meeting. Economic data includes PCE inflation in the US and first quarter GDP numbers for the Euro zone composite. There are some major data being released this week starting with PMI numbers due out in China on Thursday with the market expecting a steady 51.0. Bank of England will be announcing their cash rate tip to be unchanged at 0.75%. On Friday, Building Approval numbers is due for Australia and it has been tipped to decline to 12.5% from March. In the evening, Non-Farm numbers and Unemployment rate is due out in US, with the market expecting 181,000 jobs added in March and unemployment rate to be steady at 3.8%.
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DATA RELEASES THIS WEEK:
CNY – Manufacturing PMI
NZD – ANZ Business Confidence
CAD – GDP m/m
USD – CB Consumer Confidence
NZD – Employment Change q/q & Unemployment Rate
USD – FOMC Statement, Federal Fund Rate, FOMC Press Confidence
CNY – Caixin Manufacturing PMI
GBP – BOE Inflation Report, MPC Official Bank Rate Votes, Monetary Policy Summary & Official Bank Rate
USD – Average Hourly Earnings m/m, Non-Farm Employment Change & Unemployment Rate