The Australian sharemarket is set to open stronger this morning, clawing back some of Monday’s losses after Wall Street gained overnight ahead of a week of key economic data that could see more big swings in financial markets. The Australian dollar also advanced.
ASX futures were trading 31 points, or 0.5 per cent, higher at 6812 as of 6:37am AEDT. In New York, the benchmark S&P 500 jumped 1.3 per cent in its first session after dropping more than 10 per cent below its high point for the year. The Dow Jones Industrial Average was up 1.7 per cent and the Nasdaq composite gained 1.3 per cent.
“It looks like it’s coming in as the market had hoped, that we’re past the worst of it,” said Rob Haworth, senior investment strategist at US Bank Wealth Management. The results have also been good enough that earnings forecasts for the remainder of 2023 and 2024 seem to staying stable, he said. The yield on the 10-year Treasury rose to 4.89 per cent from 4.84 per cent late on Friday. It jumped from less than 3.50 per cent in the June quarter to more than 5 per cent earlier this month, its highest level since 2007. A remarkably resilient economy and other factors have the 10-year Treasury yield catching up to the main interest rate controlled by the Federal Reserve, which is above 5.25 per cent and at its highest level since 2001.
On Tuesday, the US government will release data on employment costs from July through September. Workers have been fighting for higher raises, but the Fed worries that too-high pay increases could give inflation more fuel.
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