Marcus Today Pre-Market Podcast – Thursday 31st August

US markets extended gains for a fourth straight session following more economic data pointing to moderation, cementing bets the Fed is approaching the end of its rate hikes. Dow up 38 points (+0.11%). Dow at best up 173 points. Dow at worst down 41 points. S&P 500 breached 4,500, up 0.54% led by tech mega-caps, while regional banks fell. Nasdaq gained 0.54% as bond yields and the USD softened. US small caps Russell 2000 up 0.40%. US ADP private payrolls came in softer than expected, private businesses hired 177k workers in August, the least in five months, missing expectations of a 195k rise and Q2 US GDP also missed expectations, up 2.1% vs 2.4% consensus marginally rising from Q1’s 2.0%.  Among stocks, Nvidia rose 1.0% and Apple gained 1.9% after the company sent invitations to unveil the iPhone 15 on Sep-12.

• ASX to edge higher. SPI Futures up 4 points (+0.06%).
• Gold firmed, up 0.62%.
• Copper extended gains, up 0.26% after the dollar dropped and more weak US data.
• Nickel -0.39%, Aluminium +1.45%, Zinc -0.61%, Lead -0.43%, and Tin +0.24%.
• WTI and Brent were up 0.51% and 0.62% after US data showed tighter crude supply.
• AUD -0.2% to 64.72c. USD Index down 0.36% to 103.16.
• 10Y yield: US 4.11%, Australia 4.07%, and Germany 2.54%.

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