Global Markets Report - 6 September

ASX set to open higher, after US stocks ended mixed ahead of the August payrolls report.

06 September 2024

Australia

Australian shares are set to open higher, after US stocks ended mixed ahead of the August payrolls report.

ASX futures were up 0.11% or 9 points as of 8:00am on Friday, suggesting a higher open.

Fresh signs that the US labor market could be weakening pushed bond yields and the S&P 500 lower Thursday ahead of a pivotal jobs report.

Investors and analysts were awaiting the Labor Department's August jobs data for clues on how much the Federal Reserve might cut interest rates at its meeting later this month. With price pressures easing, Fed Chair Jerome Powell has signaled the central bank will start cutting rates to prevent any further weakening in the labor market

The S&P 500 shed 0.3%, trimming its advance for the year to 15%. The Dow Jones Industrial Average declined 0.5%. The tech-dominated Nasdaq Composite ended 0.3% higher.

In commodity markets, Brent crude oil was up 0.2% to US$72.86 a barrel, while gold was up 0.8% to US$2,516.76.

The Australian dollar was at 67.38 US cents, up from its previous close of 67.37.

Asia

Chinese shares closed higher. The benchmark Shanghai Composite Index added 0.1% to 2,788.31, and the Shenzhen Composite Index rose 0.5% to 1,529.62.

Hong Kong shares ended lower. The benchmark Hang Seng Index slid 0.1% to 17,444.30.

Japanese shares closed lower. The Nikkei Stock Average dropped 1.1% to 36,657.09.

India shares ended lower. The BSE SENSEX fell 0.2% to 82,201.16.

Europe

Stocks in the U.K. finished lower. The FTSE 100 Index fell 0.3% to 8,241.71.

In Europe, shares closed lower. Germany's DAX lost 0.1% to 18,576.50, and France's CAC 40 slipped 0.9% to 7,431.96.

North America

U.S. stocks ended mixed. The DJIA fell 0.5% to 40,755.75, the S&P 500 slid 0.3% to 5,503.41, and the Nasdaq rose 0.3% to 17,127.66.

Among S&P 500 companies, the top three gainers were Dollar Tree Inc, surging 7.73%, MarketAxess Holdings Inc jumped 6.68%, and Tesla Inc lifted 4.91%.

The biggest decliners were McKesson Corp which dropped 9.90%, Zimmer Biomet Holdings Inc fell 8.74%, and Copart Inc lost 6.65%.

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AUTHOR

Morningstar
Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 17 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets.

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