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AFR – ASX to drop, Wall Street mixed as US jobs data awaited. US yields dip after inflation, jobless data; market awaits payrolls.
Fed’s Bostic says U.S. interest rates are high enough. Core PCE price index rose 0.2% v +0.2% last month; up 4.2% v 4.1% YonY. Dollar rises.
July US consumer spending (two thirds of GDP) accelerates 0.8% in July. Most in six months.
Reduced risk of recession but spending unsustainable.

Bit of a pause today. BHP down a touch in the US and the recent rally. One strategist noting that the Chineses market has stopped responding to bad news – flogged to death already. Even the $7bn loss in six months from property stock Country Garden didn’t upset it.

US markets extended gains for a fourth straight session.

The risk on rally is alive for another day. More weak economic numbers helping overnight. Inflation number tonight. Jobs numbers Friday. US closed Monday.
Bought FANG, LNAS and BHP yesterday. Just a trade at this point. Hoping the rally is not just an end-of-month thing. Strategy Portfolio still in cash.
Good CPI number yesterday – RBA Meeting on Tuesday. Last trading day of the month. Last day of the results season. Should we beware The Ides of September? Seasonal chart in today.

Wall Street climbed most since June, fuelled by optimism the Fed will pause rates in September following the latest jobs data.

Making a few trades today. Adding BHP ahead of its dividend in the one stock Portfolio. Added two trades to try and catch a peak in bond yields. Lots of economic data ahead that could kill or turbo-charge the “new narrative”. US closed on Monday – long weekend – low volumes overnight. Results season running out of steam.
Telstra ex-dividend today – WOW tomorrow.
Buy signal on COL ahead of dividend on Friday. Might be worth buying for income.

ASX 200 kicked 87 points higher to 7298 (1.2%). A killer combo of strong US markets and a much better-than-expected local CPI at 4.9%.