ASX is set to follow US & Europe with SPI currently down 32 points at 5580. In the closing markets, Dow Jones closed down 2%, S & P down 1.9% & Nasdaq down 2.3%. In Europe, FTSE closed down 0.5%, CAC down 0.9% & DAX down 0.5%.
Economic data from China and ongoing Brexit has caused market frustration. Shares on Wall Street plummeted to an 8 month low with Dow confirming a correction and as signs emerged of a bear market in key sectors.
AUDUSD also felt the market sentiment and was sold off 0.7% trading at $0.7176 cents. Gold also fell closing down 0.3% at $US 1238.45. Brent Oil closed down 1.9% at US 60.28 a barrel while Iron Ore was in demand closing up 4.6% at US$70.74 a tonne.
The market is expecting the US Federal Reserve to lift rate by 0.25% from 2.25% to 2.50% on Thursday. In Australia, employment numbers are due out on Thursday with market expecting 20,000 jobs created in the month of November and unemployment rate unchanged at 5%.
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DATA RELEASES THIS WEEK:
No Major Data
GBP – CPI y/y
CAD – CPI m/m
USD – FOMC Economic Projections, FOMC Statement, Federal Fund Rate & FOMC Press Release
NZD – GDP q/q
AUD – Employment Change & Unemployment Rate
JPY – BOJ Policy Rate & Monetary Policy Statement
GBP – Retail Sales m/m, MPC Official Rate Votes & Monetary Policy Summary
GBP – Current Account
CAD – Core Retail Sales m/m, GDP m/m
USD – Core Durable Goods Orders m/m, Final GDP q/q
CAD – BOC Business Outlook Survey