ASX to rise, Wall St modestly lower in narrow trading

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On Wall Street, all three major benchmarks were modestly lower at 2pm. Health care paced five of the 11 S&P 500 industry sectors down.

Daily News | Online News Today’s agenda

Local: Reserve Bank’s latest meeting minutes at 11.30am AEST

Overseas data: Japan August CPI; US August housing starts and building permits

Daily News | Online News Market highlights

ASX futures up 35 points or 0.52 per cent to 6756 near 4am AEST

  • AUD -0.1% to 67.08 US cents
  • Bitcoin -3.6% to $US18,990 at 4am AEST
  • On Wall St at 2pm: Dow -0.1% S&P 500 -0.2% Nasdaq -0.1%
  • In New York: BHP +1.1% Rio +1.2% Atlassian -1.9%
  • Tesla +1.1% Apple +1.6% Amazon -0.2%
  • In Europe: Stoxx 50 -0.03% CAC -0.3% DAX +0.5%
  • UK markets were closed for the day
  • Spot gold -0.3% to $US1670.52/oz at 2.01pm New York time
  • Brent crude +0.5% to $US91.77 a barrel
  • Iron ore -0.8% to $US97.70 a tonne
  • 10-year yield: US 3.48% Australia 3.67% Germany 1.80%
  • US prices as of 1.57pm in New York

Daily News | Online News United States

Morgan Stanley’s US equities team retains its bearish position: “As the evidence builds around our more bearish earnings outlook, the stock market has traded lower again. While we think there is still a long way to go before reality is fairly priced, investors may face a volatile path in the absence of an ‘event’ to clear the decks.”

The team added that evidence is building that deeper earnings-per-share cuts are approaching.

“ Since our earnings downgrade two weeks ago, stocks have traded poorly due to further evidence that inflation will keep the Fed and other central banks hawkish, while companies are beginning to acknowledge that headwinds to earnings are building. Whether it’s demand destruction, margin pressure, or both, we continue to think earnings forecasts are too high, particularly for 2023.”

Daily News | Online News Europe

European shares ditched almost all session losses in a volatile session on Monday.

The pan-European STOXX 600 index, which traded lower for most of the session when it lost up to 1% and hit two-month lows, gained about 0.2% in the last hour before ending down 0.09%.

In a bright spot, Volkswagen edged up 1.1% as it saw a valuation of up to €75 billion for luxury sportscar maker Porsche, in what will be Germany’s second-largest initial public offering (IPO) in history.

Shares in Porsche Holding SE, Volkswagen’s top shareholder, added 3.5%, topping Germany’s DAX index.

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The European Union plans to raise its target to tackle global warming under the Paris climate agreement, although the upgrade is unlikely to happen in time for this year’s U.N. climate summit, according to a draft document seen by Reuters.

A draft of the EU’s negotiating mandate for the COP27 summit in November, seen by Reuters, said the 27-country bloc intends to update its “nationally determined contribution” (NDC) – the contribution each country makes towards the 2015 Paris accord to prevent disastrous climate change.

The EU, the world’s third-biggest emitter, has pledged to cut its net emissions by 55% by 2030, from 1990 levels – one of the most ambitious goals among major economies.

EU officials hope it will be possible to nudge that goal a few percentage points higher. That’s because the bloc’s package of climate policies was designed in July 2021 to deliver the 55% emissions target – and parts of it have since been made more ambitious.

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