Wall Street’s main stock indexes tumbled and US Treasury 10-year yields jumped after the stronger-than-expected US inflation data.
Australian shares are poised to fall as traders reassess the prospects of interest rate cuts after the US posted higher-than-expected inflation for a third straight month.
“If it were the only number that was disappointing, we would say let’s not make too big a deal about it, but this is the third month in a row that the report has been hotter than expected,” Reuters cited Bob Doll, CEO and CIO at Crossmark Global Investments as saying.The US dollar surged the most since January as the market ratcheted back expectations for rate cuts. The Australian dollar dropped 1.8 per cent.Gold slipped from recent highs.
Overseas data: 11.30am - China inflation data; Bank of England Credit Conditions Survey; 10.15pm - European Central Bank main refinancing rate and statement; 10.30pm - US PPI and unemployment claims; 10.45pm - European Central Bank press conferenceThe Bank of Canada held its policy rate steady at 5 per cent as expected as officials signalled they’re getting closer to rate cuts but need more evidence of slowing inflation.
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