Company Interview / the open: Wall Street closed, ASX to open lower

The local market is set for a lower opening with ASX futures down 41 points, as global markets fell on Thursday with European markets notching up their third consecutive day of losses.    

Wall Street was closed for Juneteenth day however the spectre of a full out war in the Middle East continues to loom. 

The Bank of England held interest rates at 4.25% as expected. The focus was on risks from a weaker labour market and from higher energy prices, as conflict continues to escalate in the Middle East. Governor Andrew Bailey warned in a statement, "The world is highly unpredictable... We will be looking carefully at the extent to which those signs feed through to consumer price inflation.”

 The US dollar gave up some of its gains overnight but is 0.7% higher over the week. The Australian dollar is under pressure despite the immediate threat of US action in the Middle East. Meanwhile, US President Trump said he will decide within two weeks whether or not to strike Iran. 

Oil prices jumped, as Brent crude hit its highest close since January 22nd, up 2.8% to $78.85 a barrel. Gold prices were little changed, with spot gold down 0.1%. Copper futures dipped 0.1% and aluminum futures shed 1.2%. 

Inflation data in Japan will be released today, followed by the retail sales in the United Kingdom. And the Philly Fed index is tonight, as the US market will reopen.