Australian shares are set to edge up, reversing earlier losses. US equities were mixed as the debate over how much the Fed should cut rates this month raged.
Australian shares are poised to edge modestly higher, as the S&P 500 and Dow Jones extended losses towards the closing bell. Tech, in particular Tesla and Amazon, helped keep the Nasdaq Composite in positive territory.Iron ore extended its slump towards the $US90 a tonne level, oil fluctuated and gold edged back above the $US2500 an ounce mark.
A half-point cut this month also would reduce future ammunition if “the macro situation turns down further over the next few months,” which SouthBay is forecasting. Oxford said it expects services to have paced the improvement in job growth in August and it looks for an increase of roughly 120,000 jobs in that sector compared to 72,000 in July. “Within services, we expect health care and private education to bounce back after below average gains in July.”
The ADP National Employment Report showed private payrolls increased by 99,000 jobs in August, the smallest gain since January 2021, after rising by a downwardly revised 111,000 in July.
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