Live: Wall Street sinks on AI fears, ASX on edge ahead of RBA meeting
The ASX is poised for a flat opening despite a big sell-off on Wall Street amid mounting concerns about AI investments. Follow the day's events and insights from our business reporters on the ABC News live markets blog.
A rout of AI related stocks dragged Wall Street down on Friday, while another rise in oil prices and the massive theft from the world's biggest crypto exchange, Binance, didn't help sentiment.
The ASX is on edge this morning, priced for a flat opening ahead of the RBA rates decision and results from the big banks this week.
Follow the day's financial news and insights from our specialist business reporters on our live blog.
Disclaimer: this blog is not intended as investment advice.
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Good morning and welcome to another day on the ABC markets and finance blog.
Stephen Letts from ABC business team limbering up for a blow-by-blow coverage of the day's events, where every post is hopefully a winner, but none should be construed as financial advice.
Wall Street closed sharply lower on Friday, driven down a major sell-off of AI- related stocks.
The ASX, largely an AI-free zone, is poised to open flat, with futures trading pointing to only a marginal loss ahead of tomorrow's RBA rates decision.
We've already seen October's home price numbers — a nationwide decline of 1.2%.
We'll have more housing news a bit later with September's dwelling approvals being released and Westpac's full year results will be posted very soon — and they are likely to be a key driver of sentiment today.
The key number to look out for is a cash profit of $6.96 billion. That's the consensus forecast among the analysts.
The game's afoot, so let's get blogging.
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