Australian shares are poised to fall; Nasdaq dives, Dow puts 37,000 on its radar; oil, iron ore climb; bond yields jump. Follow the latest here.
US manufacturing slowed in December amid a cooling in demand for goods, but supply constraints are starting to ease and a measure of prices paid for inputs by factories fell by the most in a decade.
The Institute for Supply Management’s index of national factory activity fell to a reading of 58.7 last month, the lowest level since January 2021, from 61.1 in November. A reading above 50 indicates expansion in manufacturing, which accounts for 11.9 per cent of the US economy.
“A modest improvement in customer inventories, although still at very weak levels that are deep in contraction territory at 31.7, backs this up. Certainly a better story than just looking at the headline implies.” While prices paid also fell sharply to 68.2 from 82.4, Mr Knightley said that the issue of strong demand versus a lack of supply means that manufacturers continue to have pricing power.
“A massive backlog of orders at a time when you know your customers are desperate – as indicated by contracting customer inventories – means that price pressures will remain elevated for some time,” he said.
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.
ASX to slip, Dow resets record highAustralian shares are poised to open lower amid a rotation in New York that bolstered the Dow and knocked the S&P 500 and the Nasdaq.
Read more »
ASX to slip, Dow resets record highAustralian shares are poised to open lower amid a rotation in New York that bolstered the Dow and knocked the S&P 500 and the Nasdaq.
Read more »
ASX 200 LIVE: ASX climbs 1.4pc; nears four-month high; Whitehaven soars as coal prices surgeAustralian shares are trading higher in the first session of the year; Tesla shares rise more than 12pc; prices surge as Indonesia bans thermal coal exports. Follow the latest here.
Read more »
Queensland Covid update: people queuing for seven hours as private testing site closures cause chaosState reports record daily high of 5,699 new infections as chief health officer says he expects cases in ‘hundreds of thousands, if not more’
Read more »
Australia surges past COVID-19 milestone of more than 500,000 cases since pandemic beganWith NSW and Victoria again recording a one-day high for daily COVID-19 infections, Australia has passed the grim pandemic milestone of 500,000 cases.
Read more »