The Australian sharemarket is set to follow global stocks lower while oil prices extended gains amid rising geopolitical tension from the Middle East conflict.
US stocks finished lower ahead of the monthly US payrolls report and as investors kept a watchful eye on the growing conflict in the Middle East.
Oil surged as the market braced for the possibility that Israel’s retaliation against Iran for its recent missile barrage will include strikes on the country’s oil infrastructure.Prices soared when President Joe Biden was asked if he would support Israel striking Iran’s oil facilities. “We’re discussing that,” Biden responded. “I think that would be a little — anyways.” The White House didn’t respond to multiple requests for comment on Biden’s statement.
“It’s more about trying to understand what their response might be,” spokeswoman Sabrina Singh said in a briefing.Still, Hurricane Helene and strikes at ports could distort the labour market picture in the near term. The key report this week for investors could be Friday’s employment report for the month of September.
Investors are eager for more data on the labour market after the Federal Reserve last month cut its benchmark interest rate by an unusually large 50 basis points, the first reduction in borrowing costs since 2020.Gold prices rebounded from early losses as the dollar strengthened against major currencies. Spot gold rose 0.09 per cent on the day to $US2658.87, hovering near record highs.In currencies, the dollar index gained 0.26 per cent to 101.91. The euro was slightly down at $1.
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