Australian stocks are trading fairly flat after a mixed session on Wall Street. Follow the latest updates in our live blog.
Benchmark S&P 500 index closed up 0.5 per cent overnight but concerns about slowing economic growth stunted gains and the Dow dipped as bank stocks sank after warnings of current-quarter weakness while energy shares tumbled.Australian dollar: Flat at 66.52 US cents
"We expect the demand for labour to grow at a slower pace relative to the supply of labour in the coming quarters, gradually bringing the labour market into better balance. Our view is that some of this slowing in labour demand is likely to occur via a decline in average hours.
The management change comes in the midst of a lawsuit filed by the country's corporate regulator in August over "misleading" software upgrade statements. Some companies reported better-than-expected profits, while many others recorded forecast downgrades. The pan-European STOXX 600 index fell 0.5%, reversing gains from earlier in the day, with the automobile sector down 3.8% and German stocks falling nearly 1%.
The impasse comes as the central bank and its monetary policy decisions face increasing scrutiny, with Jim Chalmers saying high interest rates have smashed the economy.that the government is playing the blame game, and focusing attention on the RBA instead of examining the consequences of its own policy decisions.A major fashion retail consolidation is looming in Australia, as Myer considers buying Solomon Lew's Premier Investment's clothing business.
Bank stocks fell broadly after Goldman Sachs CEO David Solomon said late on Monday that trading revenue could fall 10% this quarter. On Tuesday, JPMorgan Chase tempered expectations about income from interest payments.
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