ASX 200 Live Updates: Futures Steady as Nvidia Boosts Wall Street Ahead of Fed Decision

Australian share futures are steady before the Federal Reserve’s upcoming policy announcement set for 5 AM AEDT. Meanwhile, US stocks recently experienced a noteworthy rally, largely driven by Nvidia. The tech giant has made headlines as the first company to have a market valuation surpassing $US5 trillion.

Market Reactions and Fed Anticipations

In mid-day trading in New York, Nvidia saw its stock surge over 5 percent before settling at a 3 percent increase shortly after 1 PM. The primary focus, however, remains on the Federal Reserve. Experts predict a potential quarter-point rate cut, although Fed Chair Jerome Powell may refrain from signaling future moves ahead of the December meeting. His cautious stance stems from limited data availability due to the ongoing US federal government shutdown.

Upcoming Earnings Reports

Investors are also keenly awaiting quarterly results from major companies like Microsoft, Alphabet, and Meta Platforms, set to be released after the closing bell at 7 AM AEDT. Notably, Apple and Amazon are scheduled to announce their earnings on Friday AEDT.

Geopolitical Developments

On the international front, President Donald Trump is scheduled to meet with China’s Xi Jinping at 11 AM local time in South Korea on Thursday. Trump has indicated that the two leaders may finalize terms for a trade truce.

Market Highlights

• ASX 200 futures are down 1 point, currently at 8939.
• AUD has risen 0.4% to US66.12¢.
• Bitcoin has decreased by 3.7%, now valued at $US111,157.
• Wall Street performance:
  • Dow: +0.6%
  • S&P: +0.3%
  • Nasdaq: +0.6%
• VIX index increased by 0.21 to 16.63.
• Gold prices rose 1.1% to $US3993.80 an ounce.
• Brent crude oil went up by 1.1% to $US65.08 a barrel.
• Iron ore prices increased by 1.2%, now at $US107.05 a tonne.
• 10-year US yield: 4.00% vs. Australian yield: 4.22%.

Today’s Agenda

Thursday’s corporate agenda includes quarterly results from Coles Group, IGO, Lynas Rare Earths, and Mineral Resources. Annual meetings are also scheduled for:

• Challenger
• Charter Hall Retail REIT
• EQT Holdings
• Healius
• JB Hi-Fi
• James Hardie
• Kelsian Group
• PWR Holdings

Two companies, Alcoa and Suncorp Group, will host investor day events.

Financial News and Trends

Recent reports suggest that bond traders now view a rate cut as unlikely prior to Christmas, following a surprising inflation report that unsettled financial markets.

Corporate Developments

• WiseTech executives are under scrutiny by ASIC due to questionable trades made by company employees.
• James Hardie chairwoman Anne Lloyd faces backlash with two additional directors likely to lose their re-election bids.
• Australian Prime Minister Anthony Albanese had his first meeting with Donald Trump, seated prominently during a dinner in the US President’s honor.
• LSKD’s founder dramatically rose 48 spots on the Young Rich List, with a current estimated wealth of $221 million.