Australian shares are poised to open higher. Cooler US inflation bolstered US equities and commodities. $A surges towards US70¢.
Accusations are flying thick and fast in the spectacular falling out between Andrew Forrest and Mike Cannon-Brookes over the collapsed $35 billion green energy venture.AUD +1% to 69.72 US centsIn New York: BHP +2% Rio +3% Atlassian +2.8%In Europe: Stoxx 50 +0.7% FTSE +0.9% CAC +0.7% DAX +0.7%Iron ore -0.03% to $US123.07 a tonneParsing the US CPI: “Like the rest of us, Goldilocks prefers cold rather than hot inflation. Today’s CPI report for December was lukewarm on a y/y basis.
“As this CPI report confirms inflation is on a downward trajectory and, as such, another downshift in the rate hiking pace is likely. We expect this to happen after the February FOMC meeting, where we project to see another 50bp hike.
An expansion of Tesla’s plant in Shanghai has been delayed, Bloomberg reported, over data concerns that risk putting a roadblock in the way of the US electric-car maker’s ambition to keep growing in China. The deposit, found by Swedish state-owned mining company LKAB, contains more than 1 million tons of rare earths, according to a statement. Work is still in an exploratory phase and the full extent of the deposit, just north of the company’s biggest mine in the Arctic town of Kiruna, is not known, LKAB said.
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