ASX set to fall as earnings, wage costs, jobs data top agenda

In submissions to Treasury, the tech giant said its platform was nothing more than a digital reproduction of a physical wallet.AUD -0.3% to 64.96 US centsTesla -1.1% Apple +0.03% Meta -1.3% Nvidia -3.6%Brent crude +0.2% to $US86.60 a barrelAdvertisementIn a note, Bank of America technical strategist Savita Subramanian said: “Bearishness has dissipated, but the questions we hear reveal scepticism rather than unfettered optimism.

On the first point, she said: “Watch jobs, the lynchpin of confidence, where layoffs so far have been ringfenced to Silicon Valley/Wall St. US consumers have structural advantages: 85 per cent of US mortgages are fixed, savings rates have increased since 2008, low labour participation and tight immigration spell negotiating power, and real wage growth just inflected positive.”

In a note, Goldman Sachs signalled investors will need to be patient. ”We believe China policymakers will remain vigilant in keeping systemic risk in check. Should further stresses lead to wider impact on the credit markets, we expect policy support to be stepped up. As for “stressed developers”, Goldman said they need to engage in comprehensive restructurings of their balance sheets, and “this will require dealing with the ‘stock’ problem – namely, the excess inventory currently sitting on developers’ balance sheets.

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Federal government hopeful China will lift more trade tariffs on Australian productsChina is Australia’s most important “economic relationship” and while our country seeks a mutually beneficial relationship, our two nations will disagree on some issues, says Opposition Business Manager Paul Fletcher. “We want a mutually respectful relationship with China but at the same time recognising some differences in values, we have got different systems,” Mr Fletcher told Sky News Australia. “The barley trade will resume and we would like to see the exports of wine resume, exports of lobster and other products.”
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