Australian shares poised for muted open. US stocks sentiment hit by Powell’s ‘tone-correction’. Bitcoin extends rally. Follow updates here.
Australian shares are poised to open modestly lower, reversing earlier gains after a poorly received sale of 30-year debt by the US Treasury and after Fed boss Jerome Powell’s pushback on rate cut bets rattled US markets. ASX futures were down 1 point to 7021 at 7.15am AEDT; they had been up more than 20 points earlier. The currency slid below US64¢. The yield on the US 10-year note spiked 13 basis points to 4.63 per cent at 3.09pm. The 30-year yield surged as much as 22 basis points.
Evercore ISI’s Krishna Guha said he interpreted Powell’s comment as a “tone-correction” and not a signal of a policy shift. “We continue to think the Fed neither wants nor expects to hike again, that the bar for doing so is relatively high.” For local investors, the release of the RBA’s Statement on Monetary Policy at 11.30am will be a key focus on Friday.
Australian Shares US Treasury Debt Sale Fed Boss Jerome Powell Rate Cut Bets US Markets
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