The Australian share market may begin its day higher, despite a weak performance on Wall Street, after US Federal Reserve chairman Jerome Powell tells a Senate committee that a “soft landing” for the US economy will be difficult.
The Australian share market may begin its day higher, despite Wall Street's struggle to hold onto any of its gains from earlier in the session.Australian dollar has dropped 9.6pc since its April peak ASX futures were up 0.4 per cent, to 6,412 points, by 7:25am AEST on Thursday.
US markets were weighed down by comments about inflation from Federal Reserve chairman Jerome Powell, who appeared before the Senate Banking Committee on Wednesday . He said the Fed was "strongly committed" to bringing down inflation, which had reached its highest level in 40 years, while trying not to cause a recession in the process.The Fed chair said he believed the US economy is currently strong, but acknowledged that a recession could happen.Space to play or pause, M to mute, left and right arrows to seek, up and down arrows for volume.
Meanwhile, oil prices tumbled as investors worried that rate hikes by the US Fed could push the world's biggest economy into recession, dampening demand for fuel.Spot gold rose 0.3 per cent, to $US1,837.53 an ounce.Investors are trying to assess how far stocks can fall as they weigh risks to the economy, with the US Fed hiking rates to bring down surging inflation.
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