Stocks have broadly been under pressure this month after hopes withered for multiple cuts to interest rates this year by the Federal Reserve.
The Australian sharemarket is set to open higher on Monday, with futures pointing to a rise of 24 points, or 0.3 per cent, after ending last week on a sour note., or 1.4 per cent on Friday, with higher-than-expected inflation figures in the US and Australia pushing bond yields higher and weighing on the local bourse. Persistent inflation has investors worried the Reserve Bank’s next interest rate move could be up rather than down.
They helped offset a 9.2 per cent drop for Intel. It reported stronger profit for the latest quarter than expected, but its revenue fell short of analysts’ estimates. So did its forecast for profit in the current quarter. A series of reports this year showing inflation remaining worse than forecast has traders expecting maybe one cut this year, down from forecasts for six or more at the start of the year.Yet another report on Friday showed inflation remaining stubbornly high.
Alphabet, the parent company of Google, leaped 10.2 per cent after breezing past analysts’ expectations for profit last quarter.“Consumers remain willing to spend, but not on anything, nor at any price,” he said. After earlier indicating that three cuts to interest rates could be on the way this year, top Fed officials have since said they could hold its main interest rate high for a while to ensure inflation heads down toward their 2 per cent target.
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