Good morning and welcome to another week on the ABC markets and finance blog.

Stephen Letts from ABC business team limbering up for a blow-by-blow coverage of the day’s events, where every post is hopefully a winner, but none should be construed as financial advice.

Last week’s seemingly new-record-high-a-day run was fun while it lasted, but this morning the champagne looks to have gone a bit flat.

Futures trading points to the ASX 200 falling 0.8% on opening, which would be giving up a large chunk of last week’s 1.1% gain.

The lead from Wall Street wasn’t great, nor all that bad.

The S&P 500 pulled back 0.2% from Thursday’s record close in the wake of the Fed’s outsized 50bps cut.

The Nasdaq also dropped 0.2%, but the Dow gained 0.1% in large part due to Nike’s bounce on naming a new CEO.

Across the Atlantic the post Fed cut hangover was a bit more severe – the broad Eurostoxx 600 fell 1.5% and the FTSE in London was down 1.2%.

Overall, the global MSCI index was down 0.2%.

With last week’s cut barely put to bed, the punters are back at taking a bet on what the Fed will do in November.

A cut of at least 25bps is fully priced in, while another 50bps cut is a 50/50 proposition.

Despite more Fed cutting on the way, the US dollar firmed, while the Australian dollar remained near its year-to-date-highs.

“There were surprisingly small moves in bond yields on Friday, whilst investors in shares seemed to be momentarily reassessing their optimism after the 50bp cut from the Fed,” NAB’s Taylor Nugent said this morning.

Oil was down 0.5% but still put on more than 4% over the week.

Gold continued its merry way, up 1.2% to punch through the $US2,600/ounce level to a new record.

There’s not a lot in the diary today (apologies to any purchasing managers who gave their valuable time this month’s Judo Bank/ S&P survey), but Tuesday (RBA rates decision) and Wednesday (CPI indicator) should spice things up for the blog.

There’s also a deluge of dividends this week, 23 companies in all — mainly REITs — going ex-dividend.

Anyway, we’re getting ahead of things. The game’s afoot for today, so let’s get blogging.