Australian shares are poised to edge higher, bolstered by gains in Europe and the US from strong earnings and positive guidance from a range of companies including Hermes, Puma, Coca-Cola, GE, 3M and Verizon.US bond yields were steady with the US 10-year note 2 basis points lower to 4.83 per cent at 1.18pm.Iron ore rose in Singapore trading, and the US listed shares of both BHP and Rio were higher.
S&P Global said US companies signalled “a marginal expansion in business activity” during October, following broadly stagnant output seen in August and September. “Manufacturers and service providers alike reported improved activity levels as the downturn in demand moderated. The rise in total output was the quickest for three months.”: “We expect September monthly CPI to edge slightly higher to 5.3 per cent year-over-year given higher fuel prices and an increase in tobacco excise tax.
“Acceleration in housing, utilities and transport cost are likely the main drivers of Q3 headline inflation. As for trimmed mean, we suspect price pressures have become more broad-based and could be very close to the headline at 1.0 per cent q/q, 4.9 per cent y/y, slightly higher than the RBA’s forecast.”“has been that the inflation, and especially services inflation, would be stronger than the RBA had hoped through Q3, challenging their August forecasts.
“There is too much outright danger in the current geopolitical environment for investor comfort. That favours risk-off trades over risk-on ones, for now.”Bloomberg reported that China’s legislature approved a plan to raise the fiscal deficit ratio for 2023 to about 3.8 per cent of gross domestic product, the official Xinhua News Agency said Tuesday — well above the 3 per cent set in March which the government has generally considered a limit for the nation.
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