Australian shares are expected to rise more than 1.3 per cent at the open, following overseas markets on speculation that China’s COVID-policy is set to shift.
Speculation that China may ease travel restrictions and the US dollar’s retreat sparked a huge rally in global miners and BHP.Local: Monday ANZ October job ads; Tuesday NAB’s October business survey and Westpac-MI November consumer confidence; Wednesday RBA Michele Bullock speech; Thursday MI consumer inflation expectations November
Corporate profit margins are at high risk of shrinking as the US economy continues to slow and a recession poses a greater threat.Investors were keen to buy, regardless of Fed policymaker comments and a mixed jobs report. Commodities surged on China bets, as did BHP, Rio in New York. Bank of America views on euro area growth: “Our GDP forecasts move to 3.2 per cent , 0.0 per cent and 1.1 per cent for 2022-24. Focus is likely to continue to shift away from the upcoming winter towards the rest of 2023 and the following winter.
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