Australian shares are set to open lower, with outlook warnings from US chipmakers denting sentiment on Wall St. US CPI awaited. CBA results pending.
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.
Flanked by scores of lawmakers, union officials, local politicians and business leaders, Biden feted the legislation, a core part of his economic agenda that will incentivise investments in the American semiconductor industry in an effort to ease US reliance on overseas supply chains for critical, cutting-edge goods.
Heavyweight peers Nvidia and Advanced Micro Devices extended sharp losses from the previous session after a revenue warning from Nvidia.: “We are looking for core prices to have stayed strong on a m/m basis despite our expectation of slowing vs June. Indeed, we forecast a solid 0.5 per cent m/m gain for the core CPI series. In terms of the headline, we expect inflation to register significant slowing on a m/m basis following the sharp energy-led expansions of May and June.
“With job growth coming in hot and the unemployment rate falling, the Fed has ample room to hike further, and we continue to expect a peak rate of 3.625 per cent in December this year. Inflation in our forecasts begins trending lower but remains high, delaying the need for the Fed to begin normalising policy. Only in December 2023 does the Fed begin to cut rates.”European shares dipped on Tuesday with the pan-European STOXX 600 index ending down 0.
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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