ASX futures add 0.2 per cent. Dow rises for five straight days. ANZ sticks to November rate cut call. Flight Centre, Jumbo Interactive confirm guidance. Follow updates here.
Australian shares are poised to edge higher, extending the sharemarket’s biggest one-day rally in three months.
In a note, Morgan Stanley chief US economist Ellen Zentner said she remained “bullish on our call for three 25 basis point rate cuts this year, but are pushing out the start to September” from July. The prospect of Fed easing is adding to tailwinds for copper as bulls predict further gains, with the world’s mines struggling to match growing demand. Goldman raised its year-end price target to $US12,000 a ton, from $US10,000 previously.
The metal’s gains have been primarily driven by speculation, and may fade as high prices discourage consumption and spur aluminum substitution, Duan Shaopu, a director at China Nonferrous Metals Industry Association, said at a recent press conference, according to a script posted on the group’s WeChat account.
Over financial 2024 year-to-date the average listing price on its portal has lifted 20 per cent. Shares are flat over the past year and last closed at $3.27.Flight Centre has confirmed guidance for profit before tax between $300 million and $340 million in the 2024 financial year. The media giant added more than 6 million subscribers in the second quarter to its core Disney+ streaming offering, which includes popular movies and the cartoon phenomenon Bluey. And losses in the direct-to-consumer streaming business, which includes ESPN+, narrowed to $US18 million in the period from a loss of $US659 million in the year-earlier quarter.
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