Australian shares to open higher, $A rebounds through US67¢. Traders split on RBA; statement at 2.30pm. Follow updates here.
Australian shares are set to open higher, with the RBA’s policy meeting topping the agenda. Wall Street edged higher amid late buying after a relatively muted session.In New York: BHP +2.2% Rio +0.7% Atlassian +4.4%The local currency leapt more than 1 per cent to retop US67¢; the Bloomberg dollar spot index edged up 0.2 per cent.The yield on the US 10-year note 1 basis point higher to 3.96 per cent at 4.59pm in New York.
On Wall Street, shares edged higher late to start the week with several key earnings reports on the schedule in particular Apple and Amazon on Thursday .Meta Platforms rose 11 per cent in July, in its ninth straight positive month, according to Bloomberg. This is the longest streak of monthly gains on record for the Facebook parent, which last week reported strong quarterly results and gave a bullish forecast.
Bloomberg also reported that the Nasdaq 100 Index rose 3.8 per cent last month, its fifth straight monthly gain. This represents its longest such stretch since August 2020. It has risen 44 per cent in 2023, with excitement surrounding artificial intelligence a primary driver behind the gains. In a note JPMorgan equity strategists renewed their concern that US equities were trading ahead of themselves. “Equity valuations are not pricing a soft landing, but rather a continued expansion and simultaneous monetary easing . With no interest rate cuts in sight, ongoing QT and our base case for macroeconomic slowdown, multiples appear too high.”
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