Australian shares are poised to slip; Aurizon, Suncorp to report; Wall St mixed; tech rally pauses on renewed rate bets; $A fades. Follow updates here.
TD Securities is flagging two key reports to assess what’s happening in the US economy.“Core prices likely stayed strong in July, with the series registering a 0.5 per cent m/m gain. Shelter inflation likely maintained strong momentum, though we look for airfares to retreat for a second straight month.
“Importantly, gasoline prices likely brought notable relief for the headline series, declining a sharp 8 per cent m/m. Our m/m forecasts imply 8.7 per cent/6.1 per cent y/y for total/core prices.” On Friday, the University of Michigan will release its preliminary August read on consumer sentiment. “Souring macro conditions, particularly high inflation, have weighed on consumer confidence, dragging the UMich sentiment index from a post-COVID peak of 88.3 in April ’21 to an all-time low of 50.0 in June.
“We expect the recent improvement in gas and equity prices to lead to a new gain in sentiment to 55.0 in August. Long-term inflation expectations will also be in focus.”
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