The ASX is higher at the open ahead of inflation data due out at 11:30 AEST time with expectations that a CPI print in the Reserve Bank target range of 2-3% will almost certainly mean the central bank will consider a further reduction in the official benchmark rate when it meets on August 11.
The Dow Jones lost 0.46% overnight as the world’s largest stock market currently testing record highs continues to moderate with concerns that many stocks, particularly techonology businesses are currently overvalued.
Resources companies are among the best performing stocks with West African Resources (ASX:WAF) up 5% and Boss Energy (ASX:BOE) gaining 4.44% after being sold down heavily following dissappointing guidance figures.
The Australian dollar is firm against the major currencies and is buying 65.23 US cents.
The S&P/ASX200 is Australia’s leading share market index and contains the top 200 ASX-listed companies in terms of market capitalisation, and accounts for about 80% of the country’s equity market. The index is designed to measure the performance of the 200 largest index-eligible stocks listed on the ASX by float-adjusted market capitalisation.
It is recognised as the institutional investable benchmark in the country.
Write to Dan Petrie at Mining.com.au
Images: ASX, Mining.com.au
