The Australian sharemarket is fall at the open after a mixed day on Wall Street amid a renewed bout of bond market volatility, with investors awaiting earnings from a handful of big tech companies.
The Australian sharemarket is set to open lower after a mixed day on Wall Street amid renewed bond market volatility, with investors awaiting earnings from a handful of big tech companies. Oil slumped as Israel appeared to hold off on a broader ground invasion in Gaza and Hamas said it has released two more hostages.
The world’s biggest bond market has faced intense volatility amid expectations the Federal Reserve will keep rates elevated and the US government will boost bond sales to cover widening deficits.Billionaire investor Bill Ackman said he covered his bet against US Treasuries, saying “there is too much risk in the world to remain short bonds at current long-term rates.
“Within that equity market, you have to be careful about what you pick because what people loved earlier were tech stocks, which are longer duration,” Colmar added. “They better deliver because you have a high interest rate environment, and they’re priced for perfection.”Investors looking to the earnings season for a dose of good news are hanging their hopes on big tech.
“October can be a tough month for stocks, but more often than not tends to see the S&P 500 rise,” said Lori Calvasina, head of US equity strategy at RBC Capital Markets. “Unfortunately, as of mid-October of 2023, US equities are still in a spooky place.”In corporate highlights, Chevron agreed to buy smaller rival Hess Corp. for $US53 billion , a deal aimed at boosting production growth as the US oil industry bets on an enduring future for fossil fuels. Roche Holding said it will pay $US7.
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