ASX 200 to fall, Dow Jones breaches 40,000 level for first time, Walmart at all-time highs

S&P 500 SESSION CHART

OVERNIGHT MARKETS

• Dow closes lower Thursday after briefly topping 40,000 for first time
• Europe stocks close lower as earnings dampen rally following soft U.S. inflation data; BT up 17%
• Treasury yields move higher as investors digest inflation data
• Oil prices rise as crude inventories fall and U.S. inflation eases
• Gold eases as dollar gains, Fed rate cut bets lend support
• Gold, silver and platinum’s red-hot rally still has further to go, strategists say

Author's Note: The strategists in question work at Saxo Bank. They have predicted that gold prices could soon test the $2,400 level, silver may climb as high as $30 per ounce, while platinum has upside potential to reach $1,130 per ounce. If you want to read some background on those calls, you can find that here and here.

INTERNATIONAL STOCKS

• Walmart surges to all-time high as earnings beat on high-income shopper, e-commerce gains
• FDA approves Amgen’s treatment for most deadly form of lung cancer
• Cisco gives upbeat sales and profit guidance following rebound in orders
• Berkshire Hathaway unveils $6.7B stake in insurer Chubb, ending months of speculation
• Deutsche Bank dials back expectations for second share buyback this year
• Disney says it is dramatically cutting investments in traditional TV

CENTRAL BANKS

• Chicago Fed's Goolsbee wants to see more progress on disinflation
• Minneapolis Fed's Kashkari says Fed should hold rates for a while longer
• ECB highlights financial stability risks on high debt levels, low productivity and geopolitics

ECONOMY

• U.S. data fuels bets of Fed rate cuts as early as September — but analysts aren’t convinced
• China activity data seen broadly improving, buoying outlook for recovery as policymakers ramped up support
• Japan's economy shrunk by more than expected, raising spectre of stagflation
• Surprise jump in Australian unemployment rate