The S&P/ASX 200 is poised to fall 0.4 per cent from Friday’s close of 7148.7 as San Francisco Fed president Mary Daley warns US labour market remains “quite out of balance”.
P 500 fell 1.1 per cent to 3852.4, or down 2.1 per cent for the week; and the Nasdaq 1 per cent to 10,705.4, or a loss of 2.7 per cent over five days. Car manufacturers tumbled: Ford shares fell 7 per cent to $US12.12 and Tesla 4.7 per cent to $US150.23. Carvana,Dr Daly, a labour market specialist, said there were simply too many jobs and too few workers.Advertisement
“That means that wage inflation is going to be above its long run sustainable average, and we’re going to have that passing through to prices and that’s what we’re working on right now.... we’re going to go until the job is well and truly done, which is 2 per cent on average inflation.
“We now think that a dismantling of the zero-COVID policy is well under way [in China]. On paper, the removal of restrictions should give a boost to commodity demand, and particularly transport-related demand for fuels,” said Caroline Bain, chief commodities economist at Capital.Iron ore futures traded in Singapore finished the week at $US111.40 a tonne for the January contract.
“Everybody on this call knows, consumer spending drives the US economy,” he told analysts. “We’ve seen a shift in spending though, from durable household goods or durable goods to leisure services, and the restaurant industry has benefited from that shift.” Darden issued inflation guidance of 8 per cent to 9 per cent. That represents a slowing in the price growth of chicken, dairy products and grain products, which lifted second-quarter inflation around 13 per cent year-on-year for the group.
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