Australian shares are set to follow New York higher as debate over the economic outlook deepens. $A steady. Bitcoin rally stalls.
Australian shares are poised to open higher, following broad, albeit generally modest, gains in New York as US Treasury yields retreated from the previous session.The local currency was 0.5 per cent higher, near US72.50¢; the Bloomberg dollar spot index was little changed.The yield on the US 10-year note slid 8 basis point to 2.96 per cent near 2.15pm in New York.
Target cut its quarterly profit margin forecast issued just weeks earlier, and said it would have to offer deeper discounts to clear inventory as decades-high inflation takes a toll on demand.Apple must change the connector on iPhones sold in Europe by 2024 after EU countries and lawmakers agreed to a single charging port for mobile phones, tablets and cameras in a world first.
Bearish investors are ramping up bets against meme stocks GameStop and AMC Entertainment, spotlighting how short sellers have grown bolder during a broader market selloff that has pummeled risky post-pandemic favourites once beloved by retail traders. British fashion chain Ted Baker plunged 18.4 per cent after it said its preferred bidder backed out of making a takeover offer.SAS slumped 13.9 per cent after the Swedish government said it would not inject new capital into the loss-making airline and did not aim to be a long-term shareholder in the company.
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