Shares are set to advance; RBA policy decision at 2.30pm AEST and the governor’s press conference to follow; US equities advance broadly on Fed rate cut hopes. Follow updates here.
Australian shares are poised to rise following an extended rally in New York on expectations that perhaps the Federal Reserve may have more room to lower interest rates as the year progresses.
Adam Turnquist, chief technical strategist for LPL Financial, said based on a backdrop of bullish market breadth and improving momentum, a close above the 50-day moving average would be a good sign for the pullback being over. “There is still a question of will inflation actually decelerate enough by then,” Griffin said Monday at the Milken Institute Global Conference in Beverly Hills. Wage growth and de-globalisation “take away from the constant deflationary trend that has helped the pricing of goods for frankly most of our adult lifetime”.
Griffin, who has a net worth of more than $US37 billion according to the Bloomberg Billionaires Index, founded the hedge fund Citadel in 1990. He later established Citadel Securities LLC, the trading firm that serves asset managers, banks, broker-dealers, hedge funds, government agencies and public pension programs.
The company reported sales of $US634.3 million for the three months ended March 31, up 21 per cent from a year earlier. Analysts had estimated the company would bring in $US615.8 million in sales, according to data compiled by Bloomberg.
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