The Australian sharemarket is set to open lower, with conflict in the Middle East the biggest wildcard for investors to digest.
The Australian sharemarket is poised to open lower, with futures down 0.42 per cent, or 30 points, at 641.am AEST. Traders are preparing for another week of wild price swings as conflict in the Middle East fuels demand for haven assets and prompts investors to reconsider their views on global interest rates.
Some of the strongest action was in the oil market, where a barrel of benchmark US crude jumped $US4.78 to settle at $US87.69. Brent crude, the international standard, climbed $US4.89 to $US90.89 per barrel. Worries about the war also sent Treasury yields falling, which often happens when investors head for safer investments during times of stress.
A report on Friday suggested sentiment among US consumers, whose spending has been one of the main drivers keeping the economy out of a recession, may be waning. A preliminary reading from the University of Michigan said consumer sentiment weakened by more than economists expected, primarily because of increased worries about inflation.
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