The Australian share market is set for a slow start on Thursday, after a choppy day on Wall Street as the end of the financial year draws to a close amid interest hikes and the threat of a global recession.
The Australian share market is set for a sluggish start to Thursday as the end of the financial year draws to a close amid interest hikes and the threat of a global recession.The Dow Jones Industrial Average posted a gain, while the Nasdaq and S&P 500 closed lowerASX SPI 200 futures have just pushed into the green — 6,597 by 6:50am AEST.On Wednesday, the benchmark ASX 200 index lost 0.9 per cent, to 6,700.
It has been the worst first half for Wall Street's benchmark index since president Richard Nixon's first term, according to Reuters. Market leaders Apple, Microsoft and Amazon.com provided the upside muscle, while economically sensitive chips, small caps and transports were underperforming the broader market.
All three indexes were bound to post their second-straight quarterly declines. The last time that happened was in 2015. Benchmark Treasury yields have risen by over 1.6 percentage points so far in 2022, which is their biggest first-half jump since 1984.Investors are also eyeing rate hikes to rein in inflation, while US GDP data showed the economy contracted slightly more than expected at 1.6 per cent.
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