Australian shares are set to rise as markets were buoyed by the US Federal Reserve delivering a bumper interest rate rise as it seeks to put a lid on raging inflation.
Federal Reserve officials raised interest rates by 75 basis points for the second straight month, delivering the most aggressive tightening in more than a generation to curb surging inflation -- but risking a sharp blow to the economy. Here’s the full story:
James Orlando, CFA, director and senior economist at TD Economics: “Market pricing is looking for another 50 basis-point hike in September and has the policy rate reaching to upwards of 3.5% by year-end. With this policy path and the rising risk of recession in the U.S., the yield curve is moving even further into negative territory. Chair Powell ... will have to walk a fine line as he justifies the Fed’s actions against the growing downside risks.
The music-streaming service said Wednesday that advertising sales generated €360 million last quarter, an increase of 31% from a year ago. Advertising accounted for 13% of the company’s total revenue in the quarter.Credit Suisse’s traders posted their worst first-half results in more than two decades, setting the stage for an overhaul that’s likely to see the lender’s trading heft shrink further.
UniCredit gained 8.6% after it raised its 2022 outlook and moved ahead with a proposed share buyback it had put on hold, helping Italy’s MIB index outperform its peers with a 1.5% climb.Oil extended gains after the US Federal Reserve raised interest rates by 75 basis points, which traders had priced in.
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