Australian shares are down as a rally in US tech stocks lost steam and investors took a closer look at earnings.
Australian shares are set to open lower as Wall Street pared earlier gains and investors took a closer look at earnings.On Wall St: Dow -0.2% STesla +0.7% Apple +1.2% Amazon +3.6%On bitstamp.net, Bitcoin was up 0.7 per cent to $US23,618.76 at 3.54am AEST. It rose as much as 3.3 per cent to trade around $US24,066, the highest level since mid-June.On Wall Street, stocks pared gains as a rally in tech shares lost steam and investors parsed the latest corporate results.
Stephen Innes, managing partner at SPI Assets: “I’m surprised the market is only pricing 0.37 per cent hikes for the European Central Bank on Thursday. It looks pretty clear after the various press reports on Tuesday that a 0.5 per cent hike will be delivered. From a monetary policy point of view, there can be little doubt that removing negative rates in one go is what should be done.
After losing more than 1 million customers in the first half of 2022, Netflix had a message for investors: It could have been worse. “The intense cost of living squeeze is putting significant pressure on the UK’s consumer-led economy and means the risk of recession is high,” Hussain Mehdi, Macro“Nevertheless, the Bank of England is likely to remain in uber-hawkish mode as it attempts to counter the risk of a wage-price spiral developing with recent data suggesting a still hot labour market that is contributing to domestic inflationary pressures.
Oil pared its losses as a rally in equity markets overshadowed growing stockpiles of crude and gasoline.
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