The Australian share market is set for a tumble at the open after Wall Street stocks took their biggest hit since early August. Follow the day's events and insights from our business reporters on the live markets blog.
The Australian share market is set for a tumble at the open after Wall Street stocks took their biggest hit since early August.
Overnight, all three major indices in the US declined after some weaker than expected manufacturing data sparked worries about the direction of the American economy.ASX 200 futures: -1.1% to 7,971 pointsRemember when markets briefly took a dive last month and everyone was suddenly becoming an expert on the yen carry trade?Wall Street stocks experienced their biggest hit since early August.Just as it was during last month's sell-off, the nervousness was prompted by American economic data.
"The key news was a manufacturing ISM that remained sluggish, but the direction of travel was clear ahead of that data, and it is hard to pin the blame for moves of this size on the ISM data alone," NAB wrote in an analyst note.It's expected to offer more clues on the direction of the economy and the likelihood of an interest rate cut.It came amid expectations of an imminent deal to resolve a dispute, which has halted Libyan production and exports, according to Reuters.
Later this morning, we'll also have some hotly anticipated GDP figures, which are due out at 11:30am.The major parties are stuck in a $53b GST trap — because no-one dares anger the Vengeful Deity of the WestEconomists say migration is propping up growth and masking household pain, but cutting it won't make or break recession fears
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