The Australian share market is expected to open lower today, as market participants monitored gains in European markets overnight, buoyed by gains in tech stocks amid expectations of looser U.S. restrictions on semiconductor sales to China.
ASX futures were down 28 points, or 0.3% by 7 am AEDT (8 pm GMT).
In the U.S., Wall Street remained closed for Thanksgiving, leaving global investors to focus on European developments. The EuroStoxx 600 rose 0.5%, with the FTSE 100 in London and the DAX in Frankfurt also recording modest gains.
In Australia, Reserve Bank Governor Michele Bullock delivered a keynote speech in Sydney, reiterating the central bank's commitment to restrictive interest rates. “Rates will remain restrictive until we are confident that inflation is on track to return sustainably within the target range and approach its midpoint of 2.5%,” Bullock said.
Despite October's inflation figures remaining steady at 2.1%, Bullock reiterated the need for sustained evidence, noting that temporary factors like electricity subsidies and lower petrol prices played a role in the decline.
Commodities markets experienced subdued trading. Oil prices edged higher, with Brent crude up 0.5% to US$73.17. Spot gold gained 0.2% to US$2,640 an ounce.
Locally, Select Harvests will release its earnings report, while AGMs are scheduled for Paladin Energy and Scentre Group.
On the bond markets, 10-year and 2-year rates were at monthly lows of 4.366% and 3.967%, respectively.