The Australian sharemarket is set to start the week on the back foot after a broad fall on Wall Street.
Wall Street capped a choppy week of trading with a broad slide for stocks on Friday, giving the S&P 500 its second losing week in a row.
Boosting market sentiment this week was a report Thursday that said US shoppers spent more at retailers last month than economists expected. A separate report Thursday morning said fewer workers applied for unemployment benefits last week than expected.A third report on Thursday said prices getting paid at the wholesale level rose more last month than economists expected.
Investors are overwhelmingly betting that the Fed will hold interest rates steady when it closes a two-day meeting on Wednesday. They also expect the central bank could hold rates steady for the rest of the year. The Fed has said it remains willing to continue raising rates if it seems necessary to continue fighting inflation.
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