Australian shares are set to gain, in line with a rally in New York as investors bet on cooling inflation. $A hovers near US69¢. Oil rebounds.
Fund manager Pendal has reported outflows that are five times greater than market expectations just days before it formally becomes part of Perpetual.AUD +0.1% to 68.98 US centsIn New York: BHP +0.2% Rio -0.1% Atlassian +9.1%Spot gold -0.1% to $US1875.32 an ounce at 12.31pm New York time10-year yield: US 3.58% Australia 3.71% Germany 2.19%BlackRock plans to dismiss about 500 employees, roughly 2.
Essaye said investors should focus on core inflation rather than headline, in line with what Federal Reserve chairman Jerome Powell has said. [W]ith commodity prices falling, goods prices falling and housing prices falling, it’s clear that headline inflation is moving lower. However, as Powell has repeatedly said, services inflation is not yet convincingly declining, and Core CPI gives us the best read on services inflation from the monthly inflation statistics.”Copper rose above $US9000 a tonne for the first time since June, Bloomberg reported,fuelled by optimism that China’s reopening will spur demand in the world’s top consumer.
The key industrial metal has bounced back following a 14 per cent decline in 2022, when tough coronavirus restrictions hampered the Chinese economy. The country’s shift away from COVID Zero policies has sparked a rebound, while expectations for less aggressive rate hikes by the Federal Reserve have added support.
writes on monetary policy, equities, commodities and currencies. He is the overnight markets editor and writes Before the Bell.
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