Australian shares are set to edge lower, as have US stocks, though US policymakers are seen to have opened the door, just, to a slower pace of rate rises.
Australian shares are poised to slip, in line with losses in New York as the rally from mid-June falters.
“As the stance of monetary policy tightened further, it likely would become appropriate at some point to slow the pace of policy rate increases while assessing the effects of cumulative policy adjustments on economic activity and inflation,” according to minutes of the Federal Open Market Committee’s July 26-27 meeting released at 4am AEST in Washington.
The local currency tumbled more than 1 per cent; the Bloomberg dollar spot index was 0.2 per cent higher.The yield on the US 10-year note was 7 basis points higher to 2.88 per cent at 2.20pm in New York. Economists polled by Reuters had forecast that sales would gain 0.1 per cent, with estimates ranging from as low as a 0.3 per cent decline to as high as a 0.9 per cent increase. Sales rose 10.3 per cent on a year-on-year basis in July.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.
“The market is seeing the UK experience as a harbinger of what is to come in the EU,” said Stuart Cole, chief macro economist at Equiti Capital.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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