Australian shares are set to follow New York’s lead and open lower as corporate America sees ever more clouds gathering over the economy.
Australian shares are poised to fall to start the week with headwinds from interest rates and recessionary talk denting hopes for a June market rebound.P/ASX 200 rose 0.9 per cent, or 62.9 points, to 7238.8.On bitstamp.net, bitcoin wasOn Wall Street, all three major benchmarks fell leading into the weekend. Sentiment was hurt by Elon Musk saying he had a “super bad feeling” about the economy.
“And the market finds itself between wanting to believe in the rallies but not believing that the Fed can negotiate a soft landing.” In a note, Goldman Sachs’ strategist David Kostin said most of last week’s US data exceeded expectations, in contrast to rising concerns from managements and investors.“Given the state of corporate balance sheets, we expect in the near-term investors will reward companies able to return excess cash to shareholders through buybacks and dividends,” Kostin said.
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