Australian shares are set to open lower, following broad selling in New York. US data points to the slowdown gathering pace. US 10-year yield drops.
The big threat to the commercial property market is that the economy will slow to a degree that dampens the demand for space and cuts values. But dislocation also creates opportunities.AUD -0.4% to 69.57 US centsIn New York: BHP +1.3% Rio +1% Atlassian -2.7%Spot gold -0.2% to $US1903.68 an ounce at 12.47pm New York timeUS prices as of 12.47pm in New YorkRetail sales plummeted 1.1 per cent last month, the biggest drop since December 2021. Data for November was revised to show sales decreasing 1.
Retail sales are not adjusted for inflation. December’s decline in sales was likely in part the result of goods prices falling during the month. A separate report from the Fed showed manufacturing output dropped 1.3 per cent in December and production in the prior month was much weaker than initially thought.
News on inflation continued to be encouraging, with a third report from the Labor Department showing the producer price index for final demand decreased 0.5 per cent in December after rising 0.2 per cent in November. In the 12 months through December, the PPI increased 6.2 per cent after climbing 7.3 per cent in November.Microsoft said the layoffs come as the software giant sees customers exercise caution, with some parts of the world in recession and others heading toward one.
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