Originally published by Rivkin
Overnight, US markets performed poorly as the Dow Jones, S&P 500 and Nasdaq indices shed 1.6%, 1.7% and 3.0% respectively. Technology stocks were the main contributor to the decline with the FAANG (Facebook (NASDAQ:FB), Amazon (NASDAQ:AMZN), Apple (NASDAQ:AAPL), Netflix (NASDAQ:NFLX) and Alphabet (NASDAQ:GOOGL)) all lower significantly. What was the catalyst? Investors point towards the reduction of production for the newest iphones, unclear outcome of the recent APEC meeting and perhaps the uncertainty of British Prime Minister Theresa May’s future in government. Trading activity is expected to be tight all week as the US has a 4 day trading week due to the Thanksgiving holiday.
ASX futures were 16 points lower at 8:20am AEDT. Yesterday’s session saw the Financials weigh heavily on the index as Banking Commission proceedings continued. Brent Crude Oil fell 0.6% to $66.48 USD per barrel and the AUD is trading at 72.93 US cents.
Today we anticipate the RBA board meeting minutes for November, RBA Governor will deliver a speech and US housing starts and building permit data.