The Australian sharemarket anticipates a subdued opening following Wall Street's turbulent start to the new year. US investors grapple with recent economic data, a strengthening US dollar, and a decline in Tesla shares. The Australian market will monitor the Australian dollar, which remains near a two-year low. Overnight, all three major US stock indices closed lower after an initial rally, influenced by mixed macroeconomic news and a robust US dollar.
The Australian sharemarket faces a muted start after Wall Street made a choppy start to the new year, with US investors working through the implications of latest economic data, a rising US dollar and tumbling Tesla shares.on Thursday buoyed by mining and energy stocks. The market will keep an eye on the Australian dollar, which continues to hover near a two-year low of 62 US cents.
“There are a few hurdles over the next couple of weeks and those are next Friday’s employment data and the beginning of fourth-quarter earnings.” Shares of Tesla sank 6.1 per cent after the company reported its first annual drop in deliveries, as incentives failed to stem a decline in demand for its ageing line-up of electric vehicles.A report from the US Labor Department showed initial and continuing claims for unemployment benefits both fell last week, supporting the narrative of a solid jobs market and adding weight to the possibility that the US central bank could let its key interest rate stand at this month’s policy meeting.
The S&P and the Nasdaq have now posted five consecutive sessions in the red, their longest losing streaks since mid-April.
AUSTRALIAN MARKET WALL STREET US DOLLAR TESLA ECONOMIC DATA
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