Australian futures pointed to declines at Thursday's open, following a mixed session on Wall Street after Federal Reserve Chair Jerome Powell pushed back against expectations for a near-term interest rate cut.
At 8:20 am AEST (10:20 pm GMT), ASX futures were down 21 points, or 0.2%, to 8,694.0.
The S&P 500, which recently notched its strongest winning streak since 2020, faltered as it approaches a historically weaker period on the calendar. The benchmark index opened higher but reversed course, ending the session slightly lower.
Despite the broader market dip, major technology names reported strong quarterly results after the bell. Microsoft surged more than 7%, while Meta Platforms jumped over 9% in after-hours trade.
Currency and commodity markets also saw notable moves as the Australian dollar dropped 1.1% to US64.37 cents, while COMEX copper plummeted 18% overnight to US$4.6055.
ANZ analysts said, “Copper prices in the U.S. slumped after Trump announced refined metal would not attract a 50% levy. Instead, the tariff will apply to all semi-finished copper products coming into the U.S.
"Prices on the New York-based COMEX plunged more than 20% after Trump’s proclamation, setting the biggest intraday drop since at least 1988.”
On Thursday, investors will be watching quarterly reports from Beach Energy, Liontown Resources, and Origin Energy.
At 9:20 am AEST, Reserve Bank of Australia Deputy Governor Andrew Hauser will speak in a fireside chat at the Barrenjoey Economic Forum in Sydney.
A busy slate of economic data is due at 11:30 am AEST, including June retail sales, building approvals, private sector credit, and import and export prices.
Internationally, Japan will publish its June retail sales and industrial output figures, while China is expected to release its manufacturing and non-manufacturing PMIs for July. The Bank of Japan will also hold its latest policy meeting.
On the bond markets, Australian 10-year and 2-year yields were steady at 4.283% and 3.352%, respectively.
