The Australian sharemarket is set to rise after US stocks gained ground overnight as investors await the outcome of the Federal Reserve’s monetary policy meeting this week.
The Australian sharemarket is set to open higher this morning after Wall Street gained ground overnight as investors await the outcome of the Federal Reserve’s monetary policy meeting and assessed the latest batch of company earnings reports. The Australian dollar declined.
Higher yields knock down prices for stocks and other investments, while slowing the overall economy and adding pressure on the entire financial system. “Everyone’s waiting for the Federal Reserve’s decision and for the employment report on Friday,” said Hugh Johnson, chairman and chief economist of Hugh Johnson Economics, calling Tuesday’s market “fairy trendless and friendless”.
JetBlue Airways tumbled 10.1 per cent after it reported a worse loss than expected. It said demand for travel is still strong during peak periods, and called the magnitude of air-traffic control and weather-related delays “staggering.” Reports on the US economy on Tuesday morning came in mixed. One said that growth in wages and benefits for US workers slowed during the summer, compared with year-earlier levels, but not by as much as economists expected.
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