Australian shares are set to slide, $A lower. BHP’s US-listed shares plunge 4.7pc. Fed minutes point to higher rates for still longer. Follow updates here.
Australian shares are poised to fall with shares extending earlier modest losses in New York lower after the latest Fed policy meeting minutes signalled concern about a lack of progress in cooling inflation. US equities slightly pared their losses into the closing bell. After the closing bell, Nvidia reported quarterly results that exceeded expectations. It also announced a 10-for-1 stock split and lifted its dividend. It said it had record quarterly revenue of $US26.
” “Ultimately, the Fed will be guided by the evolution of the data, which we think will be screaming that it has waited too long to ease by the September meeting,” Shepherdson said. He continues to look for a 25 basis point rate cut in September, followed by 50bp cuts at both the November and December meetings. Still, not everyone is on the same page.
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