The ASX is set to drop as Wall Street sold off again and the S&P 500 looked set for its worst start to the year in more than half a century, with declines of over 19 per cent so far.
P 500 looked set for its worst start to the year in more than half a century, with declines of over 19% so far.P 500 -1.8% Nasdaq -2.7%US central bankers will discuss whether to raise rates by 50 basis points or 75 basis points when they meet next month, with the decision being determined by economic data, Federal Reserve Bank of New York President John Williams said Tuesday.
The growing gap between the Conference Board’s “current situation” and “expectations” components have widened to levels that often precede recession. “We were wrong on one thing, and that was inflation being as sustained as it has been,” Wood told CNBC. “Supply chain -- I can’t believe it’s taken more than two years, and Russia’s invasion of Ukraine, of course we couldn’t have seen that. So inflation has been a bigger problem. But I think that it has set us up for deflation.”On bitstamp.net, Bitcoin was down 2.2 per cent to $US20,337.56 at 4.58 am AEST.
Morgan Stanley rose 2.1%, leading gains among big banks. Shares of Walt Disney gained 1.3% after the company’s Shanghai Disney Resort said it would reopen the Disneyland theme park on June 30. Nike shed 4.5%. Oil majors added 2.5%, while industrial metals miners rose 1.5%, as metal and crude prices gained on hopes of a demand revival in the world’s second-biggest economy.
West Texas Intermediate futures rose to trade near $US110, while the most notable moves in recent days have been in more specialist market gauges. A contract known as the Dated-to-Frontline swap -- an indicator of the strength in the key North Sea market underpinning much of the world’s crude pricing -- hit a record of more than $US5 a barrel.
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