The Australian sharemarket is set to open stronger this morning, putting it on track to end this week’s losing streak after Wall Street headed toward all-time highs overnight.
The Australian sharemarket is set to open stronger this morning, putting it on track to end this week’s losing streak after Wall Street headed toward all-time highs overnight on bets the US Federal Reserve will slash rates again next month after reassuring inflation data.
The Australian market lost 0.75 per cent on Wednesday, its third day of declines amid concerns about the implications of Donald Trump’s election to the White House for the local economy and disappointment over China’s latest economic package, which investors fear doesn’t go far enough to stimulate the economy of Australia’s biggest trading partner.
At Citigroup, economists maintained their view that the Fed will cut rates by 50 basis points in December after the CPI data.After slashing rates last week, Fed Chair Jerome Powell worked hard not to offer forward guidance on where rates could go from here, keeping his options open for the December meeting and beyond. He stressed that officials can take their time to lower rates because the US economy is strong.
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