Australian shares are set to rise very modestly. Commodity selling pressure persists. Bullock to speak about cost of high inflation. Follow updates here.
Australian shares are poised to edge open largely flat, with futures swinging between modestly positive and negative overnight. ASX futures are now up just 2 points, or less than 0.1 per cent, near 7am AEST. That’s after the worst sell-off in more than a month yesterday, sparked by signs economic activity in the US manufacturing sector was worse than previously thought.
1% to $US2494.17/oz at 1.37pm in New YorkBrent crude -1.2% to $US72.85 a barrelCopper -0.4% to $US4.07 a poundIron ore -0.9% to $US92.80 a tonneAs for iron ore, Panmure Liberum’s Tom Price said he sees further short-term downside for ore and steel prices in September and October.
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