A broad sell-off on Wall Street and more heavy falls for tech stocks points to a down day for Australian shares. Oil, iron ore climb. Follow the latest here.
Australian shares are set to drop as Wall Street sold off again and the SP 500 looked set for its worst start to the year in more than half a century, with declines of more than 19 per cent so far.On Wall St: Dow -1.3% STesla -4.6% Apple -2.6% Amazon -5.2%
Data released on Tuesday showed the Conference Board’s consumer confidence index dropping to the lowest it has been since February 2021, with near-term expectations reaching its most pessimistic level in nearly a decade. The growing gap between the Conference Board’s “current situation” and “expectations” components have widened to levels that often precede recession.
Economists at JPMorgan, led by chief economist Bruce Kasman, have raised their expected probability of a recession in the next 12 months to an “uncomfortably high” 35%. “The risks are skewed decisively to the upside on inflation and to the downside on growth,” they write.Overseas data: Eurozone M3 money supply for May, economic confidence for June, consumer confidence for June; Germany CPI for June; US GDP annualised for the first quarterAUD -0.2% to 69.12 US centsIn New York: BHP +0.4% Rio +0.
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