Australian shares are set to open lower. Shares fell in New York as Fed speakers pushed back against the market’s aggressive rate cut expectations.
Already a subscriber?Australian shares are poised to open lower, tracking losses on Wall Street where investors were being challenged by Federal Reserve policymakers to pare their bets on interest rate cuts.Tesla tumbled 5.7 per cent, pacing all seven of the magnificent seven lower in afternoon trade. The volatility index rose to 17.55.
The key focus is on what signal Fed chairman Jerome Powell relays when he speaks at the central bank’s key annual forum in Jackson Hole, Wyoming at midnight Saturday AEST. He’s expected to temper rate cut expectations.Here is a list of dates Australian companies are reporting earnings results this month.
“This seems too drastic at this point. We’ve heard from the major retailers that seem to suggest that the consumer is doing fine. And while economic growth is slowing in the US, there are no signs yet that it will turn negative. Adam Turnquist, chief technical strategist at LPL Financial: “While Jackson Hole could spoil some of the near-term momentum, we found that over the last 20 years, the event has not historically been a consistent driver of price action .”Overseas data: Japan July CPI at 9.
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