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Live updates: ASX expected to fall after Wall Street closes lower, federal government details mandatory supermarket reforms
Good morning and welcome to another week on the ABC markets and finance blog.
Stephen Letts from the ABC business team here, gearing up for in-depth coverage of the day’s events, where each post is hopefully winning, but none should be construed as financial advice.
The ASX 200 is likely to fall at the open, with ASX SPI futures trading down 0.2% over the weekend after Wall Street closed lower.
Although the S&P 500 was up 0.6% during the week (the ASX 200 was up 0.9%), it retreated on Thursday and Friday as a slight rotation continued into technology stocks generally, and Nvidia in particular.
The S&P 500 fell 0.2%, with the technology sector falling 0.8% – the biggest loser among the index’s 11 sectors. The Nasdaq also fell 0.2% and the blue-chip Dow Jones index was broadly flat – albeit marginally in positive territory.
Europe was generally weaker.
The Eurostoxx 600 fell 0.7% (Germany -0.5%, France -0.6%), but anxiety ahead of the French parliamentary elections eased somewhat and bond yields did not spike. The first of two rounds of French elections will be held next Sunday.
Oil prices declined (Brent crude -0.6%) on Friday due to a strengthening US dollar and weaker demand signals from China and Europe. During the week, however, Brent crude rose 3%.
Domestically, the federal government has agreed a mandatory Food and Grocery Code of Conduct, which as its centerpiece will include multi-million pound fines for companies such as Woolworths and Coles for serious breaches.