Australian shares are set to lift after US markets recovered from a three-day losing streak — sparked by signs of economic slowdown in China, Europe's energy crisis and concerns the US Federal Reserve may continue to hike interest rates aggressively.
They are keenly awaiting a speech by US Federal Reserve chairman Jerome Powell, on Friday at the Jackson Hole central bankers' summit in Wyoming.
Mr Powell is expected to provide some clues about the pace of future interest rate hikes and whether the US central bank can achieve a "soft landing" for the economy."Caution and fear are the theme for the markets," said Steven Englander, head of global G10 FX research and North America macro strategy at Standard Chartered in New York.
"If Powell says something hawkish and if you buy equities or emerging market currencies, you'll lose 3 per cent before you can blink your eye. So nobody is buying risk right now in the run-up to Jackson Hole.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
‘We need to wake up’: China set to purchase island off Australian coastA chain of 21 coral atolls located off the coast of eastern Australia are about to be sold to Chinese interests in what would be an “extremely concerning purchase,” says Sky News host Chris Smith. “The group is near one of Australia's main shipping routes, the Jomard Passage, and three submarine internet cables, which connect the Australian mainland to the rest of the world,” he said. “This is not the kind of predicament Australia wants to be in if there is any conflict in the region involving China. “We need to wake up to what Beijing is up to in this part of the world, because the Chinese Government always seems to have the 'jump' on this country.”
Read more »
Bob Carr calls for a ‘cooling of tensions’ between US and ChinaSky News host Chris Smith says the “future conflict” between China and Taiwan is front of mind for many Australians but not former NSW premier Bob Carr. Mr Smith said Mr Carr wrote a piece in The Australian saying talking up the conflict in the area is “to talk up a showdown” which carries the likelihood of not only US defeat but complete US withdrawal from Asia. “Bob Carr has never been backwards in coming forwards with his opinions on China - and he's always been very supportive of Beijing,” he said.
Read more »
Dugong functionally extinct in China due to habitat degradation and huntingMarine mammals are dependent on seagrass which is being rapidly reduced by human impact
Read more »
China issues alert as drought and heatwave put crops at riskLocal authorities told to take measures and ‘use every unit of water carefully’ in effort to save autumn harvest
Read more »
Giant panda gives birth to twin cubs in China in conservation winThe cubs were born at the Qinling Panda Research Center, where Qin Qin was also born in 2013.
Read more »