Australian shares are set to open higher, following gains in New York where Walmart unexpectedly forecast a brighter outlook. Oil fell. BHP soared.
Australian shares are poised to rise, in line with gains on Wall Street on positive retailer earnings.P 500 +0.2% Nasdaq -0.2%Reporting on Wednesday: Amcor | ANZ Bank, Pillar 3 report | Bapcor | Brambles | Corporate Travel | CSL | Dexus | Domain | Downer EDI | Fletcher Building | Magellan | Nearmap | Pact Group | Redbubble | Santos | Super Retail | Vicinity Centres | Whispr On bitstamp.net, bitcoin was 0.3 per cent lower to $US23,944 at 6.40am AEST.
Still, the bank’s bull and bear indicator remains at “max bearish”, signalling “no immediate reversal of bear rally; but we remain patient bears”, and would fade the SAt the close in New York, the SBank of America said both growth expectations and equity allocation rose from “dire” levels in July. A vast majority, 88 per cent of those who responded to the latest survey, expect lower inflation in the next 12 months with fear of Draconian US rate rises subsiding.
Oanda’s Edward Moya had a more simplified take: “It looks like a bottom, acts like a bottom, and trades like a bottom, then it probably is a bottom. Bear market rally calls are suddenly becoming quiet these days.”Oil extended its losses as the prospect of Iran reviving its nuclear deal rises; Moya said he could see oil sliding to the low $US80s and with China’s economic woes deepening and the outlook for Germany deteriorating, clouds areLocal: Westpac leading index July at 10.
The continent-wide STOXX 600 index inched up 0.2 per cent, hitting a fresh 10-week high after recouping much of its June losses this week.
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