Australian shares are set to open higher, as overseas stocks rallied in what appeared to be a relief from the latest sell-off. Oil, iron ore up. $A steady.
Australian shares are poised to catch the bear market rally that has lifted shares in Europe and the US.On Wall St near 1.40pm: Dow +2% STesla +11.9% Apple +3.4% Amazon +2.6% Alphabet +4.1%
“We now see recession risk as higher and more front-loaded. The main reasons are that our baseline growth path is now lower and that we are increasingly concerned that the Fed will feel compelled to respond forcefully to high headline inflation and consumer inflation expectations if energy prices rise further, even if activity slows sharply.”
Speaking at the Qatar Economic Forum organised by Bloomberg, Musk said the cuts would apply only to salaried workers, meaning a 3.5 per cent reduction in total headcount, changes he described as “not super material”. The pan-European STOXX 600 index advanced 0.4 per cent, after hitting a more than one-year low last week.
Among other top boosts were luxury stocks following a bullish report from Bain. The consultancy said sales of luxury goods were set to rise at least 5 per cent this year as shoppers in the United States and Europe continued to snap up high-end watches, jewellery and shoes.QatarEnergy on Tuesday signed a deal with Exxon Mobil for the Gulf state’s North Field East expansion, the world’s largest liquefied natural gas project, following agreements with TotalEnergies, Eni and ConocoPhillips.
Exxon said in a statement later on Tuesday the joint venture will hold a 25 per cent interest in the 32 million tonnes per annum project, which is equivalent to one 8 mtpa LNG train for Exxon.
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