Further Falls Expected Following Mixed Leads Abroad
Our ASX index is expected to slip slightly at the open with SPI futures down 12 points (8:15am AEDT). This is mainly due to another slow session on Wall Street overnight as most of the major indices fell approximately 0.5%. The NASDAQ was the exception, gaining 0.3% thanks to outperforming Tech Stocks. These results from Wall Street on top of concerns regarding Italy’s budget saw the FTSE and German DAX drop 0.1% and 0.3% respectively.
On a positive note, Asian indices seemed to ignore the sentiment from other global financial markets as most Asian indexes saw Green, especially the Shanghai Composite which gained 4.09% backed by supportive words of high level Chinese authorities.
Today investors will anticipate further Q3 earnings data from the U.S, Eurozone consumer confidence data and also RBA officials will deliver key speeches at the SIBOS Conference in Sydney.