The ASX Today

The ASX is expected to open lower this morning, following losses on Wall Street overnight.

ASX 200 SPI futures were down 26 points, or 0.5 per cent, to 5984 at time of writing.  

 The Dow Jones Industrial Average fell 177 points, or 0.67 per cent to close at 26,439.48 points, while the broader S&P 500 index fell 19 points, or 0.68 per cent, to trade at 2853.53 at time of writing. Apple shares fell 1.6 per cent on reports of weak demand for the iPhone X.

Key Points

• The ASX is expected to open lower, after Wall Street eased overnight.
• NAB December business conditions survey and weekly consumer sentiment data is released today.
• Brent crude fell by 1.5 per cent to $US70.52 a barrel, but oil prices still could record their biggest January gains in five years.
• Navitas and Perseus Mining report half year results today.
• BHP and Rio Tinto were stronger during London trade, adding 1.1 per cent and 2.1 per cent, respectively.

Brent crude shed $US1.06, or 1.5 per cent, to reach $US70.52 a barrel and Nymex crude was also lower, dropping US58c, or 0.9 per cent, to $US65.56 a barrel. Oil still could record the biggest January gains in five years with two days of the month to go.

The Australian dollar fell against the US currency and was sitting at US80.95c at the close of trading in the US after trading as high as US81.05c.

Iron ore arrivals in China from Australia and Brazil were not disrupted by poor weather, which can often interrupt shipments in the first months of the year. BHP and Rio Tinto were stronger during London trade, adding 1.1 per cent and 2.1 per cent, respectively.

On the London Metals Exchange, aluminium shed 1.5 per cent to $US2200 a tonne, while other metals were stronger, with zinc adding 2.3 per cent to $US3600.50 a tonne and tin gaining 1.3 per cent to $US22,104 a tonne.

In Australia today, the NAB business conditions data for December and weekly consumer sentiment data is released. Today, Navitas (NVT) and Perseus Mining (PRU) will be the first ASX stocks to report 2017/18 half yearly results.

AxiTrader chief market strategist Greg McKenna said the small falls on Wall Street and some stability for the US dollar overnight suggested investors may be looking ahead to the Federal Reserve meeting, which begins tonight.

“Key to both moves could be further signs of US consumer strength overnight and the continued upward pressure on US and global interest rates,” he said.