Australian shares are set to open lower; RBNZ on hold: Capital Economics; Canada needs one more rate rise: Scotiabank. Follow updates here.
Australian shares are poised to open lower. US stocks closed modestly lower after the release of the June Federal Reserve meeting minutes reconfirmed that rates are most likely to rise another quarter this month.In New York: BHP -2.3% Rio -1.3% Atlassian +3.
“The upcoming CPI and employment reports will determine whether they hike in July,” Pantheon Macroeconomics’ Ian Shepherdson said. “Thereafter, it is clear that some members are becoming increasingly uncomfortable with the idea of further hikes, but they are in a minority of six, for now.” Jeffrey Roach, chief economist at LPL Financial, said “Baring any surprises, the Fed will likely increase rates in July after the hawkish pause in June.The local currency slid 0.6 per cent; the Bloomberg dollar spot index was 0.2 per cent higher.The yield on the US 10-year note rose 8 basis points to 3.93 per cent at 4.59pm in New York.P 500 industry sectors lower. Communication services rose 1.2 per cent to pace the advancers. The VIX was 3.5 per cent higher to 14.18.
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