The Australian sharemarket is set for a positive start to the session after stocks rose on Wall Street as markets shift their focus back to the US economy.
The S&P 500 rose 0.8 per cent in afternoon trading and is less than 1 per cent away from its record set in July. The Dow Jones added 1.1 per cent, and is on track to set a record high. The Nasdaq rose 0.9 per cent. The rally was broad, with gainers outnumbering decliners by nearly four to one on the New York Stock Exchange.The Australian sharemarket is set for a positive start to the session with futures at 5.04am AEST pointing to a rise of 30 points, or 0.4 per cent, at the open.
The mostly solid earnings and economic growth updates are capping off a month of encouraging reports for the broader economy. Data from various reports in August have shown that retail sales, employment and consumer confidence remain strong. The key report this week comes on Friday, when the US government releases its July data on inflation with the PCE, or personal consumption and expenditures report. Economists expect the PCE, which is the Federal Reserve’s preferred measure of inflation, to show that inflation edged up to 2.6 per cent in July from 2.5 per cent in June. It was as high as 7.1 per cent in the middle of 2022.
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