Australian shares are set to open lower as US stocks reset lower and Treasury yields rose on renewed inflation worries. OECD downgrades growth forecast.
ASX futures down 49 points or 0.7 per cent to 7084 near 4am AESTOn Wall St near 2pm: Dow -0.9% STesla +1.4% Apple -0.5% Amazon -1.3% Netflix +1.4%Spot gold +0.1% to $US1854.90 oz at 1.56pm New York10-year yield: US 3.02% Australia 3.54% Germany 1.35%The top US securities regulator proposed rule changes to transform how Wall Street handles retail stock trades after the meme stock mania last year raised questions about whether mom-and-pop investors were getting the best price.
Spotify said it expects to reach $US100 billion revenue annually in the next 10 years and promised high-margin returns from its costly expansion into podcasts and audiobooks.TD Securities Yardeni Research: “There’s no disputing it anymore: America’s inflation problem isn’t transitory. It has been persistent. The question now is whether it is protracted or not. Biden’s response to “our top economic challenge” is lame. … On a brighter note, we expect the release of May’s CPI report on Friday to show that consumer durable goods inflation is rapidly moderating.
Meanwhile, money markets ramped up their bets on ECB rate hikes to price in 75 basis points of increases by September as inflation hit record high last month.Savannah Resources said it had little control over what it described as the political process which is delaying its extraction plans for what could become western Europe’s largest lithium mine in northern Portugal.
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