Australian blue chips to follow US shares higher. European Central Bank’s 50 basis point hike is first in two decades. Iron ore eases further below $US100 per tonne. Follow updates here.
Australian shares are set to inch forwards as Wall Street pushed higher and Europe focused on the ECB’s biggest rate rise in 22 years, with traders left questioning the central bank’s strategy to handle debt.P 500 +3% Nasdaq +0.7%The local currency was up 0.1% to 68.98 US centsThe yield on the US 10-year note declined eight basis points to 2.95%.P 500 are poised for a third day of gains, led by tech and consumer discretionary stocks.
“We have not yet seen capitulation in outflows from equity funds,” strategists Mark Diver and Sarah McCarthy wrote in a note on Wednesday. “In fact outflows, excluding Europe, have only just begun.” In Europe, traders questioned a lack of detail by ECB President Christine Lagarde on the next rate move and a new debt crisis tool. That was a turnaround after the ECB surprised markets with a half-point hike. It also unveiled an unlimited safety net for peripheral European countries’ bond yields. But it wasn’t enough to convince the market to reduce the spreads on Italian debt, which have soared in recent days.
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