Australian futures are pointing to an opening advance even with US stocks fluctuating on weak data and a drop in oil and iron ore.
Australian shares are poised to rise even as oil and iron ore slumped amid heightening concerns aboutThe local currency was 0.6 per cent higher; the Bloomberg dollar spot index edged lower.The yield on the US 10-year note slipped 3 basis points to 2.96 per cent at 1.54pm in New York.P 500 industry groups lower after benchmark oil slid below $US100 a barrel.
June’s deliveries exceeded the 50 threshold for the first time since March 2019 and included 43 Boeing 737 MAX, which is recovering from a nearly two-year safety crisis.The National Federation of Independent Business said its Small Business Optimism Index fell 3.6 points last month to 89.5, the lowest level since January 2013.
“The persistence of record high levels of unfilled openings indicates that owners are still seeing opportunities to grow their business, in spite of their negative outlook for the future,” said NFIB chief economist William Dunkelberg.: “We look for core prices to have stayed strong on a m/m basis despite our expectation of modest slowing vs May. Indeed, we forecast a still-solid 0.5 per cent m/m gain in the core series for June.
The pan-European STOXX 600 index ended 0.5 per cent higher after opening lower and breaking a three-day winning streak in the previous session. Spanish blue chip index IBEX 35 closed 0.6 per cent lower dragged by banks, hit by government plans to impose extraordinary taxes on financial institutions and power companies to help Spaniards cope with soaring inflation.Dalian and Singapore iron ore futures dropped on Tuesday on persistent concerns about weak demand in China, with the state planner’s announcement of a plan to build more roads offering little relief to flagging markets.
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