The ASX is set to open lower this morning following fairly aggressive selling of SPI Futures on Friday night after US 30-year bond yields popped to multi-year highs following the previous days FOMC vote where 3 members voted for an immediate rate hike. However, US stocks managed to reverse early losses and close strongly but little confidence returned to the SPI where it felt like some spread traders were buying the battered semiconductors after their almost 30% decline and using some money from the ASX to fund the purchases ahead of the looming uncertainty of reporting season.
- Further encouraging news around the Strait of Hormuz may help sentiment this morning but we know this can change like the weather.
MM remains bullish towards the ASX200 around 8900
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