Australian shares poised to edge up. Tech shares rally in New York; rate worries pare gains. Bitcoin retakes $US17,000. $A lifts.
Australian shares are poised to open modestly higher, paring earlier gains after two US policymakers reiterated their expectation for rates to peak above 5 per cent and to hold there for some time.On Wall St at 3pm: Dow -0.2% STesla +7.5% Apple +1.2% Amazon +2.4% Lululemon -9.4%
The local currency rose 0.7 per cent, paring earlier gains that put US69.50¢ within reach; the Bloomberg spot dollar index slid 0.7 per cent.The yield on the US 10-year note was 4 basis points lower to 3.51 per cent near 3pm in New York.P 500 and Nasdaq pared earlier gains on renewed rate concerns. The NYSE Fang + Index was up 3.7 per cent; it was more than 4 per cent higher earlier.
“We are just going to have to hold our resolve,” Raphael Bostic, president of the Atlanta Fed, told the Atlanta Rotary Club, according to Bloomberg. He said the Fed was committed to tackling high inflation and this warrants raising interest rates into a 5 per cent to 5.25 per cent range to squeeze excess demand out of the economy.
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