The Australian share market is likely to begin its day relatively flat, as investors cautiously wait to see whether the Reserve Bank decides to lift interest rates for the 11th straight month.
By David ChauAustralian shares are likely to begin their day flat, after a mixed performance on US stock markets overnight.P 500, finished higher — as the OPEC+ surprise cuts to oil production boosted crude prices, which in turn lifted the price of energy stocks.
Meanwhile, Tesla shares tumbled after its electric vehicle deliveries for the March quarter disappointed investors. Tesla dropped 6.1% after disclosing its first-quarter deliveries rose just 4% from the previous quarter. That's even after CEO Elon Musk slashed car prices in January, in an attempt to boost demand.P 500 energy sector index surged 4.9% after Saudi Arabia and other OPEC+ oil producers announced unexpected output cuts that could push oil prices toward $US100 a barrel.
"The decision to cut [oil] production is a headwind for inflation ... and that's why, on balance we're seeing a generally 'risk off' bias," said Terry Sandven, chief equity strategist at US Bank Wealth Management in Minneapolis. Interest rate futures imply 56% odds the Fed will raise rates by 0.25 percentage points at its meeting in May , according to CME Group's Fedwatch tool.The Nasdaq fell 0.3% to 12,189, while the Dow Jones Industrial Average rose 1% to 33,601 points.
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