Australian shares are set to drop at the open as fast-rising global interest rates heightened recession risks. Nasdaq sheds more than 4 per cent on tech tumble.
Australian shares are set to drop sharply at the open, taking direction from a renewed global rout as rising interest rates in the US, UK and Switzerland in the last 24 hours stoked recession worries.On Wall St near 2pm: Dow -2.4% STesla -8.5% Apple -3.5% Amazon -4.4% Alphabet -3.8%The local currency was 0.8 per cent higher; the Bloomberg dollar spot index slid 0.9 per cent.The yield on the US 10-year note was 4 basis points higher to 3.32 per cent near 2pm in New York.
The electric carmaker increased its Model Y long-range price to $US65,990 from $US62,990, its website showed on Thursday, after delaying the deliveries of some long-range models in the United States by up to a month. Same-store sales of its private-label brands increased 6.3 per cent in the quarter, as consumers snubbed branded juice and prepared meals for cheaper store-owned counterparts.Revlon has filed for bankruptcy after the US cosmetics firm buckled under debts it built up in efforts to compete with online-focused upstarts.
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