Australian shares are set to open higher. Wall St closed mixed; Tesla snaps losing streak. Gold reset record high. Iron ore drops. Follow updates here.
Australian shares are poised to rise. Wall Street closed little changed as gains that followed comments by Federal Reserve chairman Jerome Powell on rates faded late in the session. At 4pm: Dow -0.1% S&P 500 +0.1% Nasdaq +0.2%US equities had extended morning gains after Powell said the latest raft of economic data had not changed his expectation that “inflation moving down toward 2 per cent on a sometimes bumpy path”. “”The recent data do not ...
Evercore ISI’s Krishna Guha said: “We read this as confirming that the spasm of concern in markets that the economy might be too strong for the Fed to cut in June was overdone and the base case remains June and three cuts this year.” In a morning note, ANZ Research said: “The speech broadly affirmed the Fed is on track to cut rates this year, with data determining the timing. We think by July, the FOMC will likely have sufficient confidence to begin cutting rates.” Gold neared $US2300 an ounce.
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