The Australian sharemarket is expected to extend its gains this morning as investors await the release of the latest inflation figures to guide their bets on the Reserve Bank’s next interest rate moves.
The Australian sharemarket is set to extend its gains this morning as investors await the release of the latest inflation figures to guide their bets on the Reserve Bank’s next interest rate moves.
On Wall Street, US Treasuries briefly extended their advance after a solid $US69 billion sale of two-year notes — but quickly returned to levels seen ahead of the auction — with 10-year yields little changed. Global growth in demand for electric vehicle has eased, with Tesla’s sales expanding at lower-than-expected rates due amid slowing demand and intense competition worldwide. The carmaker posted revenue of $US21.3 billion for the three months ended March, compared with $US23.3 billion a year earlier. Analysts on average had estimated $US22.2 billion, according to LSEG data.
Morgan Stanley’s Mike Wilson said the bar is high for US firms to deliver on earnings, particularly for megacap technology names, which face tough comparisons from the growth they showed last year. But more interesting to him will be how shares react to the results. “Thus, if earnings come in strong over the days ahead, stocks are effectively spring-loaded for a bigger counter-trend rally than we have seen thus far,” he said.
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