Microsoft shares expected to rise after Altman appointment

Mixed Asian session ahead of quiet start to the week.
RBA minutes in sight for AUD traders.
Microsoft shares expected to rise after Altman appointment.

Joshua Mahony MSTA Scope Markets

Coming out of a mixed Asian session, Wall Street futures are currently indicating a modestly lower start to the day’s trade, but in light of the performance seen so far this month, its unlikely to be causing much disquiet for traders. It is however a quiet day ahead in terms of economic data with only a very limited number of releases expected, although earnings news is set to offer a little more with Zoom set to report after the close, whilst the Chinese e-commerce giant Baidu will publish numbers ahead of tomorrow’s open.

Looking further afield and the Reserve Bank of Australia’s publication of meeting minutes tomorrow will be worth watching, especially given the Aussie Dollar’s recent run of strength against the greenback. With the RBA having raised rates in a world where almost all the major banks are expected to have finished their monetary tightening, any signals of continued hawkishness could push AUD into another week of strength.

Microsoft shares are expected to open over 2% after the firm swooped in to pick up Sam Altman to head up their advanced AI research team. Huge upheaval over the weekend saw the OpenAI CO-founder ousted from his role as CEO, raising concerns that he would spark a exodus of OpenAI staff to form a new ChatGPT competitor. Nonetheless, Microsoft have moved to secure their investment, with the decision to hire Altman helping minimise the chance of an OpenAI exodus, whilst also adding expertise for their massive AI operation.

Author

Joshua Mahony MSTA

Scope Markets

Joshua Mahony is Chief Markets Analyst at Scope Markets. Joshua has a particular focus on macro-economics and technical analysis, built up over his 11 years of experience as a market analyst across three brokers.

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