The Australian sharemarket is set to open lower on Monday after Wall Street racked up more losses on Friday to close out its worst week in a month.
Futures pointed to a 0.9 per cent fall in the S&P/ASX 200, which also dropped late last week as US government bond yields rose and investors worried about Israel-Hamas war spreading into a wider regional conflict.The S&P 500 fell 1.3 per cent for a fourth straight drop. The Dow Jones Industrial Average sank 286 points, or 0.9 per cent, and the Nasdaq composite tumbled 1.5 per cent. The Australian dollar was trading at US63.16¢ on Monday morning.
The yield on the 10-year Treasury was hanging within a hair of 5 per cent early Friday morning, before later easing back to 4.91 per cent. It’s been generally catching up to the Federal Reserve’s main interest rate, which is already above 5.25 per cent and at its highest level since 2001. A barrel of benchmark U.S. oil fell 62 US cents to settle at US$88.75. It’s been bouncing around since the latest Hamas-Israel war began, after leaping from US$70 to more than US$93 during the summer. Brent crude, the international standard, slipped 22 US cents to US$92.16 per barrel.
On Wall Street, SolarEdge tumbled 27.3 per cent after the solar technology company slashed its sales and profit expectations for the current quarter. The company blamed order cancellations in Europe due in part to slower-than-expected installation rates.Regions Financial sank 12.4 per cent after it reported weaker profit than expected for the latest quarter. Focus has been on the banking industry outside its biggest titans.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
ASX closes down, ASIC bans former PwC partner Peter Collins for eight years — as it happenedThe ASX ends the week lower following Wall Street jitters. The former PwC Australia partner at the heart of the tax leaks scandal, Peter Collins, has been banned from providing financial services by Australia's corporate watchdog. This is how the day unfolded.
Read more »
WC8 MIN ASX: Ellison eyes new lithium prize near Albemarle joint ventureThere is a new target on Mineral Resources’ radar, as Albemarle weighs up its next move after walking away from Liontown.
Read more »
IAG ASX: Why are analysts so upbeat on IAG?The insurer’s latest confession about old claims creeping up means it should have missed a key earnings target from last year.
Read more »
ASX: SXL Southern Cross courts wider interest as its board reviews ARN takeoverSouthern Cross Austereo wants to ignite a bidding war for its radio, TV and digital audio assets.
Read more »
ASX RBL: Michael McConnell wins proxy support in battle over Redbubble board seatA retired activist investor seeking a seat on Redbubble’s board has been endorsed by two proxy firms.
Read more »
ASX to fall: RBA’s Michele Bullock has interest rate dilemma as Middle East war flaresAustralian shares are poised to fall 0.9 per cent at the return to trading on Monday, after suffering their worst week in four weeks in response to the Israel-Hamas conflict.
Read more »