Australian shares are set to open down as markets were subdued ahead of the Federal Reserve meeting on Wednesday.
P 500 -1.1% Nasdaq -1.7%The local currency -0.2% to 69.38 US centsThe yield on the US 10-year note was little changed at 2.79%.On Wall Street, indexes fell after Walmart’s profit warning heightened fears in the retail sector that consumers were cutting back on discretionary spending in the face of decades-high inflation.
Ed Al-Hussainy, a rates strategist at Columbia Threadneedle Investments: “The Fed is very sensitive to inflation, and not very sensitive to growth now. We don’t know if the Fed will pivot and become sensitive to growth again. Is a terminal rate of 3.5 per cent enough to bring down inflation? My answer is that’s a very bold bet.
Angelo Kourkafas, investment strategist at Edward Jones: “From the corporate perspective today, what’s driving the red is disappointing guidance from Walmart, which brings into question the resiliency of earnings. We’ve been talking to our clients about earnings estimates and how, even though we don’t expect a deep recession, we think that earnings estimates are elevated given the challenging macroeconomic backdrop.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
ASX to open down as Wall Street turns skittishAustralian shares are set to open down as markets were subdued ahead of the Federal Reserve meeting on Wednesday.
Read more »
ASX to slide, Wall Street lower, inflation data aheadAustralian share futures point to opening decline. June quarter inflation data for Australia out today. Wall Street declines ahead of Federal Reserve meeting. Follow updates here.
Read more »
IMF downgrades 'gloomy' economy as inflation and rate jitters continue, ASX to trend downInflation data out today in Australia will be closely watched by the finance world.
Read more »
ASX to lift as investors look to Fed meeting and tech earningsAustralian shares are set to open higher as Wall Street lost ground and investors looked ahead to the Federal Reserve meeting and the potential for strong earnings results later in the week.
Read more »