Australian shares are set to open lower following accelerated selling of financials, energy and industrials, but offloading of technology stocks eased slightly.
Hedge funds that have amassed a near $250 million bet against Magellan are bracing for big trading profits if the key St James’s Place client account is lost.In Friday’s session, the Dow Jones Industrial Average fell 1.5 per cent to end at 35,365.44 points, while the SOn a positive note, the small-cap Russell 2000 index rallied 1 per cent after having fallen more than 10 per cent from a record high in early November.
Starbucks will be headed to the bargaining table at its first officially unionized corporate-owned US location after the National Labor Relations Board on Friday certified the results of a vote to unionise. The Nasdaq-listed Chinese firms are two of the biggest players in the sector and a ban would block millions of retail investors in mainland China from trading securities easily in markets such as the United States and Hong Kong. Concerns over data security and capital outflows are driving the potential ban, sources said.China’s blue-chip stock index fell on Friday, notching its biggest weekly loss in three months.
Goldman’s view: “There are a little over $US60bn Treasuries maturing in the SOMA portfolio on a monthly basis from late 2022 through 2023. This suggests that if the Fed wanted to reduce its balance sheet rapidly, but organically , it could have a monthly terminal runoff cap of roughly $US60bn for the Treasury portion of its portfolio .
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