Australian shares are set to open lower, with outlook warnings from US chipmakers denting sentiment on Wall St. US CPI awaited.
Australian shares are poised to fall, reflecting weakness in New York as well as caution before the release late Wednesday of July’s US consumer price index data.
Hours earlier, Micron became the latest chipmaker this week to sound the alarm over a slowdown in demand. “As such, we’ll resist chasing stocks higher if the “Fed Pivot” believers get the number they want, as at these levels the market is pricing in a lot of positives on inflation, economic growth, corporate earnings and future Fed policy, and we’re sceptical all those will come through in the near term.”sees headline inflation dropping on lower energy price increases , while core CPI continues to run hot .
Declines were led by rate-sensitive tech stocks amid an uptick in bond yields as traders raised bets on a half-point interest rate hike by the European Central Bank in September.Economically sensitive sectors such as miners and autos also fell after being among the top gainers in the previous session.
Benchmark copper on the London Metal Exchange was little changed at $US7984 a tonne at 1556 GMT. Prices rose to $US8020 on Monday, the highest since July 5.
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