Australian shares have started the day lower as investors are nervous about surging inflation and prospects of a renewed global rate hike cycle.
On Friday, the Dow Jones index lost 0.2 per cent, the S&P 500 dropped 0.1 per cent and the Nasdaq Composite added 0.1 per centThe ASX 200 was down 20 points, or 0.3 per cent, to 6,659 at 10:10am AEST.Financials and real estate sectors were trading slightly higher at open, but the benchmark index was dragged down by stocks in academic and educational services and basic materials .Costa Group and Domino's Pizza were among the worst performers in early trade.
Strong data from the US Labor Department — which reported the United States added more jobs than expected in June — indicated a recession was not yet imminent amid persistent job growth, giving the Fed scope to deliver another large interest rate increase later this month. All three US stock indices ended the week largely unchanged, as investors balanced solid economic news with the prospect of more rate hikes.
"There has been a lot of doom and gloom recently, so a strong labour market read may assuage some fear of a recession and shows the resilient nature of our economy with a robust labour market in the face of hot inflation," Morgan Stanley's managing director at ETRADE, Mike Loewengart, said.
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