Australian shares are set to open up, in line with New York. US 10-yr yield drops on refunding tweak. Fed statement at 5am AEDT.
Australian shares are poised to rise, with Wall Street advancing after data showed the US economy may be slowing enough to keep the Federal Reserve from lifting interest rates higher.The yield on the US 10-year note was 12 basis points lower to 4.81 per cent at 12.22pm in New York. The NYSE Fang + Index, comprising the megacap techs, was 1.1 per cent higher.
Wells Fargo: “In the same economy that expanded at a 4.9 per cent annualised rate in the third quarter, the ISM index, a long-trusted indicator of the business cycle, is plumbing some of the lowest levels seen in more than 13 years. Manufacturing is feeling the pinch of higher rates more than the broader economy.”The number of available positions increased to 9.6 million from a downwardly revised 9.
Oxford Economics: “We don’t expect further Fed rate hikes, but risks continued to be tilted in that direction. The Fed needs to see more evidence of slower job and wage growth to be convinced that inflation is on a sustainable path back to 2 per cent.”Overseas data: Bank of England policy decision at 11pm; US September factory orders and durable goods orders at 1am AEDT Friday
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