Australian shares are set to rise but Wall Street is on track to cap off its worst quarter since the early days of the pandemic.
Australian shares are set to rise as the Dow comes up to its worst half in since 1960 and markets are on track to cap off their worst quarter since the early days of the pandemic.In New York: BHP -3.1% Rio -2.8% Atlassian %&
US data showed consumer spending rose less than expected in May while price pressures were still strong enough to leave the Federal Reserve on its aggressive policy-tightening path.A Commerce Department report showed US consumer spending rose less than expected in May, and suggested inflation had probably peaked, while higher prices forced cutbacks on some purchases.On bitstamp.net, Bitcoin was down -4.8 per cent to $US19,112.74 at 3.56am AEST.
Ross Mayfield, investment strategy analyst at Baird: “Until inflation meaningfully rolls over which at this point will take, I believe months, it’s going to be hard for the market to really find a bottom and begin a rally. There’s a sense that the earnings picture is going to be the next shoe to drop and that downward revisions to earnings will catalyse another leg lower in the market.”
Azad Zangana, a senior European economist and strategist at Schroders: “The FTSE 100 has very little to do with the UK economy itself, so the local recession is less impactful. But if we were to see a global recession, we would eventually see a hit to demand for commodities, so that area could potentially suffer.
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