Good morning. It’s Tuesday January 30 and you’re reading the ABC’s business and markets blog.
Starting overseas, and trading is still underway on Wall Street but it’s been a reasonably positive session so far.
The Dow Jones, S&P 500 and Nasdaq are all edging higher despite there not being a whole lot of specific market news overnight (apart from the geopolitical and Chinese property news, which we’ll get to in a sec).
As Fiona Clark from CVS Lane Capital Partners described it earlier:
“The market is … having a bit of a wait and see approach ahead of what is a very big week … including a meeting by the US central bank and some fairly significant data, such as the ICM index and employment numbers.”
With that on the horizon, it seems fair enough that things in the US are holding steady.
European markets however were slightly more cautious, and there were mixed results there overnight — the German and UK markets were down slightly, while the French was up a tad.
The other big mover overnight was oil, which went through a mixed session.
Oil prices started higher on the back of tension in the Middle East, but fell on the back of the news about Chinese property developer Evergrande being liquidated, and the impact that will have on the Chinese real estate sector and potentially Chinese demand.
So, where does that leave our local market heading today?
Right now, futures are pointing towards a positive start, and we’ve also December’s retail sales figures dropping at 11:30am AEDT.
Let’s get into it, shall we?