Australian shares are set to open lower, following further overseas selling. The interest rate peak is proving elusive. Crypto markets are unsettled.
The nation’s top bosses have heaped praise on Labor’s first year in office, but want more action on migration, skills, energy and housing.Overseas data: German IFO business climate survey December; US December NAHB housing market indexOn Wall St: Dow -0.9% STesla -4.7% Apple -1.5% Amazon -0.7% Microsoft -1.7%Spot gold +0.9% to $US1793.08/oz in New York10-year yield: US 3.48% Australia 3.45% Germany 2.14%said investors need to brace themselves for more pain.P’s 2023 lows would be about 3300.
“The risks to our outlook are fairly balanced. A hawkish Fed risks over tightening and a hard landing. But there is also a path toward no recession if inflation falls more rapidly and opens the door for a lower terminal rate and perhaps an earlier policy reversal.“Mind you this would be the first soft landing to occur when the central bank was so offside on starting-point conditions for inflation, policy rates, and the jobless rate.
As for Europe: “The [European Central Bank last week] showed a high hurdle for slowing the hiking pace below 50bp per meeting and our economists now forecast two additional 50bp hikes in February and March, with a terminal rate of 3.25 per cent .
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