The ASX has opened down 0.45%, worse than futures were predicting as the inflation rally fizzles out. A quiet night in the US, it is closed tonight to commemorate Jimmy Carter. S&P 500 up 0.16% and the Nasdaq unchanged. Good news is yesterday’s sell-off didn’t extend. ADP private payrolls conflicted somewhat (showed growth in private payrolls slowed sharply) with weekly jobless numbers and JOLTs job openings (see Pre-market). We’ll get a better indication of the overall state of the labour market after Friday night’s non-farm payrolls. Fed meeting minutes didn’t reveal anything new.

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