Australian shares are set to open lower. US stocks edge down on reporting, data disappointments. Bitcoin steady. $A tumbles.
A WA court has aired 20-year-old private emails between some of Gina Rinehart’s children - discussing extraordinary plans to mount a legal bid against their mother.AUD -1.6% to 66.13 US centsIn New York late: BHP -2.7% Rio -1.5% Atlassian +0.2%Spot gold -1% to $US1944.58/oz at 2.38pm in New York10-year yield: US 4.04% Australia 3.97% Germany 2.
Bank of America’s view: “The Sell Side Indicator , our contrarian sentiment tracking sell side strategists’ average recommended equity allocation, rose 60bp last month to 53.5 per cent, the biggest jump since early 2021. “Despite improving over the past two months, our SSI is still more than 2x closer to a contrarian “Buy” signal than a “Sell” . The current level indicates +15 per cent price return over the next 12 months . Historically, when the indicator has been here or lower, 12m forward SCommoditiesThe Fortescue Metals billionaire has joined criticism of British PM Rishi Sunak’s sudden shift to fossil fuels, calling it “clickbait leadership”.
“However, our estimates suggest that CTA trend followers are unlikely to significantly add to their length until Brent prices break above the $US90/bbl mark for the time being.
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