The Australian sharemarket is set to follow global stocks lower while oil prices extended gains amid rising geopolitical tension from the Middle East conflict.
Global stocks fell, weighed by tepid trading in equity markets across the US and other major regions, even as oil prices extended gains amid rising geopolitical tension from the Middle East conflict.
“The fact that energy is up where everything else is down pretty significantly is an indication that today’s move is a lot about the escalating conflict in the Middle East,” said James St. Aubin, chief investment officer at Ocean Park Asset Management in California. Sterling weakened 1.1 per cent to $1.3123 after Bank of England Governor Andrew Bailey told the Guardian newspaper that the central bank could become a “bit more aggressive” on rate cuts if inflation continued to ease. Against the Japanese yen, the dollar strengthened 0.1 per cent to 146.61.
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