Australian shares are set to open down. S&P 500 modestly lower after eight-day advance. Gold resets record. Copper steadies.
Australian shares are poised to fall in line with pullbacks overseas as this month’s rally runs out of momentum.
“Should the incoming data continue to show that inflation is moving sustainably toward our 2 per cent goal, it will become appropriate to gradually lower the federal funds rate to prevent monetary policy from becoming overly restrictive on economic activity and employment.” Sweden’s central bank cut its benchmark rate to 3.5 per cent from 3.75 per cent and said it could consider as many as three more reductions this year. Its previous guidance had implied a maximum of two cuts.
In a note, Yardeni Research reiterated its bullish view on the US economy. “Not only isn’t a recession headed down the pike, but the US economy is emerging from the pandemic tunnel with stronger potential GDP than it had prior to the pandemic.” The shares climbed as much as 9.3 per cent in New York to $US375.37, the biggest intraday gain since February 26. Palo Alto had risen 16 per cent through the close on Monday.
Shares fell as much as 3.4 per cent on Tuesday, the worst performance in the KBW Bank Index. Buffett has been trimming his longtime stake in the lender this year, disclosing the latest disposal in a filing late Monday.
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