Australian shares are set to open very slightly higher as Wall Street endured another choppy session before paring losses.
Australian shares are set to open very slightly higher as Wall Street endured another choppy session on the back of weak PMI data before paring losses.P 500 flat Nasdaq +0.1%The local currency was up 0.7 per cent to 69.24 US centsThe yield on the US 10-year note advanced three basis points to 3.04%.On Wall Street, investors had a choppy session but major indexes reversed early session losses and ended higher.
Lawrence Gillum, fixed income strategist at LPL Financial: “While the Jackson Hole symposium isn’t a Fed monetary policy committee meeting per se, it is an opportunity for Powell to push pack on market expectations. “For the moment, global sentiment is both skittish and volatile,” said Richard Hunter, head of markets at Interactive Investor. “There is little cause for optimism on the immediate horizon, with any glimmers of economic hope yet to take hold on a sustainable basis.”The FTSE 100 ended 0.6% lower, as a stronger pound weighed on stocks of pharma and consumer staple companies.
European shares slipped as investors fretted about soaring energy prices and a weak economic outlook. “It’s been another day of poor economic data for European markets, with the latest flash manufacturing PMI numbers falling into contraction territory for Germany, France and the UK.” said Michael Hewson, chief market analyst at CMC Markets.
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