The Australian sharemarket is set to rise this morning, clawing back some of Monday’s losses after Wall Street gained overnight ahead of a week of key economic data.
The Australian sharemarket is set to open stronger this morning, clawing back some of Monday’s losses after Wall Street gained overnight ahead of a week of key economic data that could see more big swings in financial markets. The Australian dollar also advanced.
On Wall Street, fast food giant McDonald’s reported stronger profit and revenue than analysts expected. Its stock rose 2.1 per cent after it said it benefited from higher prices for its products in the United States and raised its dividend. Tesla’s shares slumped 4.7 per cent. China’s biggest electric car maker BYD is rapidly closing in on Elon Musk’s company as the world’s biggest seller of electric vehicles, with surging profits underscoring its sales clout.
Big Tech soared much more than the rest of the market early this year, which helped to lift the S&P 500 but also meant big expectations for continued growth. Those expectations perhaps grew too large.The second big factor dragging on the stock market since its high point for the year on July 31 has been a sharp run higher in Treasury yields. When bonds are paying higher yields, investors have less appetite for pricey stocks and other investments.
The central bank says it will make all its upcoming moves based on what incoming data about the economy and inflation say. That’s why this week could be a shaky one for markets, with many data points that could change officials’ minds.
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Read more »