Australian shares are set to extend their losses. The Dow shed 638 points on renewed inflation angst amid broad Wall St sell-off. $A below US71¢. Follow updates here.
Australian shares are poised to open lower, extending Thursday’s losses, after shares dropped in Europe and in New York on yet further outlook clouds. The Dow tumbled 638 points.
ASX futures were down 55 points or 0.8 per cent to 6964 near 6.30am AEST, extending earlier losses as selling accelerated on Wall Street.In New York: BHP -3.4% Rio -2.7% Atlassian -2.4%The local currency shed more than 1 per cent, falling below US71¢; the Bloomberg dollar spot index rose 0.7 per cent.“The outlook is darkening and that might be how the argument for the Fed to pause in September begins,” Oanda’s Edward Moya said in a note.
“The Fed is doomed either way, they either raises rates aggressively into year-end and send this economy to a recession next year or they fail to tackle stagflation risks by flip-flopping on tightening of monetary policy. ”
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