ASX poised for flat open as RBA rate decision looms, Wall Street ends higher
In a volatile week, Wall Street closed higher, while the ASX is poised for a flat opening ahead of the RBA rate decision. The markets are also reacting to various news, including Karoon Energy cutting its production guidance and oil price rebounds.
Wall Street closed a volatile week on a high note, buoyed by another rally in AI-related stocks. In contrast, the ASX is struggling to find direction and is poised for a flat opening ahead of tomorrow's crucial RBA rate decision.
Market snapshot
Here's a quick rundown of the current market situation:
- ASX 200 futures: flat at 8,720 points
- ASX 200 (Friday): -0.4 to 8,665 points
- Australian dollar: +0.2% to 70.43 US cents
- Wall Street (Friday): S&P 500 +0.4%, Dow +%, Nasdaq +0.4%
- Europe (Friday): Dax +0.6%, FTSE +0.1%, Eurostoxx 600 +0.5%
- Spot gold: +0.9% to $US4,379/ounce
- Oil: Brent futures -2.1% to $US104.32/barrel, WTI futures -2.3% to $US95.10/barrel
- Iron ore (Friday): -0.5% to $US95.10/tonne
- Copper (LME): +1.6% to $US14,464/tonne
- Bitcoin: +0.7% to $US84,597
- 10-year bonds: US 5.12% Australia 5.37%
Karoon Energy cuts production guidance
Investors in Karoon Energy could be in for a tough day after the Brazil-focussed, Melbourne-based oil and gas producer cut its production guidance due to a faulty pump. In a statement to the ASX, Karoon said its FY 2026 production in Brazil would now be 5.4-to-5.7 million barrels, down from the previous guidance of 6.0-to-6.7 million barrels.
The disruption has meant Karoon has also had to increase guidance for unit production costs. Karoon said it continued to monitor the issue at its Bauna well and had cut back production to operate