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ASX 200 to dip at open; gold and tech rallies; RBA minutes ahead

Published 21/05/2024, 08:30 am
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Investing.com - The Australian stock market is projected to open with a slight drop on Tuesday, following a mixed close in the US. Gold prices also soared to an all-time high following China's announcement of substantial measures to bolster its faltering property sector.

In the domestic sphere, investors are looking toward the Westpac consumer sentiment survey at 10:30 am, as well as the minutes of the Reserve Bank's May policy meeting at 11.30 am.

The meeting's details are expected to shed light on the possibility of a rate increase after strong first-quarter inflation figures. However, disappointing jobs and wages data recently have caused the market to shift towards expecting rate cuts, suggesting a less than 50% chance of a reduction to 4.1% by the end of the year.

In the US, the NASDAQ Composite hit a record high as technology stocks surged, with investors eagerly anticipating NVIDIA Corporation's (NASDAQ:NVDA) upcoming earnings report. Meanwhile, JPMorgan Chase & Co (NYSE:JPM) took a hit after Jamie Dimon hinted at his impending departure from the helm.

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In the cryptocurrency market, Bitcoin saw a late surge in New York's trading day following a leap in Ethereum. This surge is attributed to the growing speculation that regulatory opposition towards one or more exchange-traded funds investing directly in the second-largest cryptocurrency is easing.

Companies to watch on the local front include ALS Ltd (ASX:ALQ), Infratil Ltd (ASX:IFT), James Hardie Industries PLC (ASX:JHX), and Technology One Ltd (ASX:TNE), all of which are set to release earnings results. Additionally, Brainchip Holdings Ltd (ASX:BRN) and Viva Energy Group Ltd (ASX:VEA) are hosting Annual General Meetings, while packaging giant Amcor PLC (ASX:AMC) is trading ex-dividend.

In other news, shares of Star Entertainment Group Ltd (ASX:SGR) have surged after the company confirmed interest from Hard Rock International, even as it risks losing its profitable Sydney gaming license. Meanwhile, Rio Tinto Ltd (ASX:RIO) has declared force majeure on Australian alumina shipments, citing that its refineries in Queensland have been operating below capacity due to regional gas shortages.

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