Australian shares are set to edge lower, as have US stocks. Jobs data at 11.30am AEST. ASX, Origin, Transurban, Treasury Wine to report. $A sinks.
Australian shares are poised to slip, in line with losses in New York as the rally from mid-June falters.&Tesla -0.8% Apple +0.9% Amazon -1.9%E | Humm | IPH | IRESS | Medibank Private | Nuix | Origin | Orora | Transurban | Treasury Wine .
Jamie Cox, managing partner for Harris Financial Group, said: ”I don’t think anyone can read the Fed minutes and say they are pivoting; however, it is clear that the rate hikes are having their intended effect of lowering demand, and by extension, inflation. Overseas data: Euro zone July final CPI; US July existing home sales and leading index, August Philly Fed indexAUD -1.2% to 69.37 US centsIn New York: BHP -2.5% Rio -2.2% Atlassian -1.8%Spot gold -0.6% to $US1766.01 an ounce at 2.18pm New York time10-year yield: US 2.90% Australia 3.27% Germany 1.08%Target Corp is betting heavily on a dramatic financial rebound the rest of this year after badly trailing its own forecast as well as Wall Street’s estimates in the second quarter.
Spending is expected to gain more traction in August as parents shop for the new school year. Goldman Sachs estimates that households have around $US2.2 trillion in excess savings, which it says would provide an important backstop for spending levels in the event of an economic slowdown.
Among stocks, Uniper dropped 12.1 per cent after the German utility reported a first-half net loss of €12.3 billion, mainly due to lower Russian gas supplies. Russia previously announced plans to produce as much as 140 million tonnes annually, but energy officials later suggested the target date of 2035 might have to shift.China raised its annual rare earth mining output quota by a quarter to a fresh record high in the wake of rising global demand.
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