The Australian sharemarket is set to start the day weaker as investors brace for a slew of Big Tech earnings reports and interest rate decisions in Japan, the UK and the US.
The Australian share market is set for a soft start after a mixed session on Wall Street as US investors brace for a slew of Big Tech earnings reports and the Federal Reserve’s decision on interest rates.
Iron ore futures dipped to $US102.15 per tonne on the Singapore exchange. Gold for December delivery fell $US2.40 to $US2425.50 per ounce. Silver for September delivery fell 15 cents to $US27.87 per ounce, and September copper fell 4 cents to $US4.08 per pound. Rate decisions in Japan and the UK will also be closely watched — the former for a hike, the latter for a cut.
July’s wild ride in stocks underscored how betting on seven large tech companies is no longer a simple, slam-dunk trade. During most of the month, investors jumped into other corners of the market on speculation Fed cuts will further boost Corporate America. Still, the S&P 500 ended up suffering two straight weeks of losses, dragged down by its most influential group - technology.
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