Australian shares are set to open lower with weakness widening among commodities. Nasdaq edged higher on techs. $A extends slide. Bitcoin steady.
Australian shares to open lower, with commodity prices continuing to deflate amid rising concerns about a recession. Copper tumbled to a 16-month low. Oil and gold slip.The local currency slid 0.7 per cent, sliding below US69¢; the Bloomberg dollar spot index was 0.2 per cent higher. The Australian dollar received no help from a bounce in the spot price of iron ore after China’s Xi Jinping said the government would ramp efforts to bolster growth.
Bank of America on the US dollar: “As the USD has rallied to our out-of-consensus bullish forecasts, we expect it to remain strong.” It attributes the strength in large part to Federal Reserve rate hawkishness.European shares hit more than one-year lows on Thursday as slowing euro zone business activity heightened growth worries, while German shares dropped 1.8 per cent after the country triggered the “alarm stage” of its emergency gas plan.
Ray Dalio’s Bridgewater Associates has built a $US10.5 billion bet against European companies, almost doubling its wager in the past week to its most bearish stance against the region’s stocks in two years.
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