Australian shares are set to open higher after modest gains in New York as energy stocks followed oil higher. $A slips. Follow updates here.
Stock investors will want to hear the advice Principal Global Investors’ Seema Shah is offering Jerome Powell because if he follows it in Jackson Hole next week, the market is headed for a fall.
“There is a split between the equity market and the bond market,” she added. “The bond market is very negative about the growth outlook whereas the equity market seems to be very optimistic about pretty much everything. That is where you’re getting the easing of financial conditions in the past month.”P 500 is heading toward its fifth straight week of gains after retracing half of the losses notched between its January peak and June nadir, despite evidence that a recession is at hand.
Shah sees the recent stock-market rally as wrong-headed, given that the Fed still faces the fastest inflation in decades even after raising overnight lending rates to as high as 2.5 per cent from near zero this year.
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