Australian shares are set to edge lower. BHP, Rio Tinto fall in US trading; iron ore lower. Bitcoin looks towards $US26,000.
Australian shares are set for a quiet start to the day. Buyers emerged for Apple after it tumbled more than 5 per cent, though it remained lower and the key drag on US markets.&The local currency was little changed; the Bloomberg dollar spot index edged up.The yield on the US 10-year note slipped 2 basis points to 4.26 per cent at 2.47pm in New York.
After plunging earlier, Apple pared some of the initial swoon, though it was still sharply lower for the day. In a speech, Bank of Canada governor Tiff Macklem said the bank’s 2 per cent target is “now in sight”. Policymakers earlier this week voted to keep the cash rate at 5 per cent. Canada’s economy shrank at a 0.2 per cent annualised pace in the second quarter, which means growth has averaged a little less than 1 per cent over the last three quarters, while the economy’s productive capacity grew at a rate of a little over 2 per cent.
“The cumulative effect is that the excess demand in the economy has diminished substantially. This should reduce price pressures, leading to lower inflation,” he said.Overseas data: Japan second quarter final GDP at 9.50am; German August final CPI at 4pm; US July consumer credit
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