Pre-Market Report – Thursday 3 September: Dip buyers return – Iran tensions ease Materials lead – SPI down 38

ASX set to fall. SPI futures down 38 points or 0.43%.

Wall Street rebounded on Wednesday as dip buyers returned after a three day selloff, Trump said US strikes on Iran would be short lived with the probability of a September rate rise falling from 67.2%  to 62.3%. The Dow rose 295 points, the S&P 500 gained 0.46% and the Nasdaq added 0.45%. Materials led with 10 of 11 sectors finishing higher, real estate the decliner. The Russell 2000 was up 1.13% and the SOX added 0.45%. Volume was below average and the VIX was down 6.98%.

Bond yields eased as New York Fed president said inflation continues to ease as tariffs impacts fade, the higher energy prices are not spreading into other services. The US 10 year yield fell 1.3bp to 4.78% and the US 30 year fell 1.7bp to 5.26%. The yen rallied sharply on suspected intervention after a Bank of Japan board member raised the possibility of more aggressive rate normalisation. The USD Index slipped to 99.58 while the AUD added 0.32% to 71.69c. Bitcoin was mostly flat at $77,460.

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