Australian shares are poised to drop at the open. Banks are the defensive as risks are not yet seen contained. The Fed rate decision tops the agenda.
Triple the number of high-income earners will be hit by the former Coalition government’s 2017 tax increase on superannuation, Labor says.AUD +0.6% to 66.97 US centsTesla -2.2% Apple -0.6% Amazon -1.1% First Republic -32.8%Brent crude -2.7% to $US72.69 a barrel10-year yield: US 3.43% Australia 3.39% Germany 2.10%The key market event this week will be the Federal Reserve’s two-day policy gathering starting on March 21 .
“But the financial turmoil probably takes a 50-basis point rate hike – which was broadly expected until recently – off the table. Not only would the steeper increase induce more financial instability, but recent economic data indicate that the rate hiking campaign over the past year may be biting deeper than expected a few weeks ago.”
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