Wall Street suffers three straight quarterly declines, ASX recovers at open

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Wall Street suffers three straight quarterly declines, ASX recovers at open
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Australian shares have started the week slightly higher, with investors taking a cautious stance after the last session's sharp sell-off, which was spurred by concerns over historically hot inflation, rising interest rates and a potential global recession.

Wall Street and global stocks slumped further on Friday, with government bond yields and the dollar holding near recent peaks, as higher-than-expected inflation capped a nasty third quarter for world markets.

Federal Reserve vice-chair Lael Brainard said the US central bank would need to maintain higher interest rates for some time as part of its effort to tame inflation and must guard against lowering rates prematurely. Asian shares outside of Japan fell 0.4 per cent on Friday, down about 13 per cent in September, their largest monthly loss since the start of the pandemic in 2020.

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