A lacklustre session on Wall Street is likely to send Australian stocks lower, while traders are betting the US Federal Reserve will deliver a supersized interest rate cut.
That caused the price of Brent Crude to fall below $US70 a barrel this month, its lowest level in almost three years. The price is now hovering around $US73 dollars, butThat would see a fall in what consumers pay at the bowser. The average national price of petrol is expected to fall between $1.65 to $1.70 over the coming weeks.
The benchmark S&P 500 index touched 5,670.81 earlier in the session, after fresh economic data eased worries of a sharp slowdown in the US economy. Price said the size of the cut could either stoke inflation fears or increase worries the Fed is moving too slowly to avoid a recession.
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