Australian shares are set to open lower, following overseas selling. The ECB lowered its growth forecast. May’s US consumer price data tops agenda.
Australian shares are poised to open lower, extending Thursday’s losses, after shares dropped in Europe and in New York on yet further outlook clouds.
On Wall Street, all three major benchmarks were lower in afternoon trade. Communication services and financials paced all 11 SOverseas data: China May PPI and CPI; US May CPI at 10.30pm, University of Michigan consumer sentiment June preliminaryAUD -1.2% to 71.09 US centsP 500 -0.9% Nasdaq -1.2%In Europe: Stoxx 50 -1.7% FTSE -1.5% CAC -1.4% DAX -1.7%Iron ore -2.1% to $US143.85 a tonneUnited States
Tesla got a boost from a very bullish view from UBS, which upgraded its shares to “buy” from “neutral” and reiterated a $US1100 price target.UBS said Tesla’s operational outlook has never been stronger considering record-high order backlog and two new gigafactories coming up. “We expect Tesla’s vertical integration in semiconductors, software and battery to result in superior absolute growth and profitability in the years ahead.
“But that’s not to say that the upward trajectory that banks have been on for the last few weeks is going to be derailed.”The European Central Bank will raise interest rates next month for the first time in 11 years and add another hike in September. The bank also increased its crucial inflation forecast for 2024 — to 2.1 per cent from 1.9 per cent. That is significant because it indicates the bank sees inflation as above target for several years, a strong argument for more rate increases.China’s iron ore imports rose 3 per cent in May from the same month a year earlier, customs data showed on Thursday, after disruptions to shipments by major suppliers eased.
“We forecast more modest average annual production growth of 6.1 per cent y-o-y for 2022-2031 as increases in China’s output lag the rate of global increase.“
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