ASX set to fall 0.2% at the open as tech-led pullback weighs on Wall Street
AI Market Summary
Softer-than-expected US manufacturing and easing price pressures pulled the 10-year Treasury yield down to 4.47%, supporting a 1.1% rebound in gold. Hopes for de-escalation in the US-Iran conflict and potential reopening of the Strait of Hormuz weighed on Brent, easing an inflation risk channel that had lifted yields. Equities were mixed as large AI-chip stocks retraced on valuation/positioning rather than new fundamentals.
Impact level
● Medium
Affected assets
NCCOGOLD2USD/USDT+2.18%
AI Insight · NCCOGOLD2USD/USDTAI Insight
● Neutral
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A slower-than-expected pickup in the US manufacturing PMI, alongside easing expectations around the US-Iran war, pushed the 10-year Treasury yield down to 4.47% and helped gold rebound 1.1% to $US4,082.40 an ounce. Traders also bet the Strait of Hormuz could reopen, sending Brent crude down 1.9% to $US71.57 a barrel. AI chipmakers including NVIDIA and Micron fell sharply, described in the report as a technical pullback rather than a new fundamental catalyst.
