Australian shares are set to edge lower, taking direction from weakness in copper and oil. Iron ore bounces. US stocks advance. Follow updates here.
Australian shares are poised to edge lower, with commodity prices continuing to deflate amid rising concerns about a recession. Copper tumbled to a 16-month low. Oil and gold slip.&Tesla -0.4% Apple +2.2% Amazon +3.2% Microsoft +2.3%P 500 Index tries to build upon the initial rebound from the extreme oversold conditions realised last week,” JPMorgan equity strategists said. “The index needs to clear 3810-3900 resistance to confirm a short-term trend reversal, in our view.
The local currency slid 0.4 per cent, slipping below US69¢; the Bloomberg dollar spot index was flat. The Australian dollar received no help from a bounce in the spot price of iron ore after China’s Xi Jinping said the government would ramp efforts to bolster growth.The yield on the US 10-year note dropped 7 basis points to 3.09 per cent at 4.24pm in New York.
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