ASX set to drop after social media stocks slump

Australian shares are set to open lower as Wall Street sold off on the back of a slide in big tech stocks. This week the focus is on the Federal Reserve which makes a rate decision early Thursday AEST, Scorching price pressures are expected to push the Fed to raise interest rates 75 basis points for the second straight month. The bond market has faith in the Fed.P 500 -0.9% Nasdaq +1.9%The local currency -0.1% to 69.29 US centsThe yield on the US 10-year note declined 12 basis points to 2.

The ANZ thinks the RBA will deliver three more rate rises - in September, October and November - to leave the cash rate at 3.35 per cent by the end of the year. Underwriters are forecasting between $US15 billion to $US20 billion, with issuance front-loaded before the Federal Reserve’s widely expected 75 basis point interest-rate hike on Wednesday, according to Bloomberg’s Michael Gambale.Overseas data: EURO ZONE Ger. IFO Business Climate Survey Jul; US Chicago Fed nat act index Jun; Dallas Fed Index JulBitcoin was down 0.7 per cent to $US22,530.19In New York: BHP +0.6% Rio flat Atlassian -5.6%Spot gold +0.5% to $US1,727.64 /ozIron ore +5.9% to $US104.

Craig Erlam, a senior market analyst at Oanda: “It’s still very early days but we’ve seen numerous cases now of earnings surprises driven by the ‘it’s not as bad as we feared’ argument. That’s a relief of course, but surely not a case for a sustainable rebound.”Strategists have been slashing their year-end targets for European stocks, with those at Goldman Sachs Group Inc. and UBS Group AG now expecting the worst year for the region’s equities since 2008.

Goldman Sachs Group Inc. strategists also cut their six-month target by 15 per cent in the past month, signaling a 20 per cent decline for the index in 2022. They forecast Stoxx 600 earnings growth of 7 per cent this year, half what bottom-up consensus expects, and cut their 2023 EPS growth forecast to 0 per cent from 5 per cent previously.

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ASX set to drop after social media stocks slumpAustralian shares are expected to open lower after Wall Street sold off amid a slide in big tech stocks and as the focus moves to the Federal Reserve this week.
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