Shares are set to edge higher; US stocks closed mostly lower ahead of August’s jobs report; iron ore extends decline. Follow updates here.
Australian shares are poised to edge modestly higher after tech stocks, particularly Tesla and Amazon, helped push the Nasdaq higher amid a mixed performance on Wall Street. ASX futures were up 9 points or 0.1 per cent near 7am AEST. Overnight in the US, the Dow Jones slipped 0.5 per cent, the S&P fell 0.3 per cent and the Nasdaq Composite gained 0.3 per cent.
In contrast, SouthBay Research argues that a half-point cut would be “a panic move”. “Odds favour a figure between 100,000 to 200,000 and this would be likely to be seen positively for a ‘soft landing’ scenario,” Fundstrat Global’s Tom Lee said. “And we are likely in a situation where good news economically is good news for stocks. Just as long as it is not too good.
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