Australian shares are poised to open lower after losses over the weekend in New York ended a four-week advance. Investors await a speech by Federal Reserve boss Jerome Powell on Friday on whether the central bank will pivot or not.
Corporate reports expected on Monday: Adairs | Ampol | Austal | Chorus | Cooper Energy | EML Payments | Lendlease | Michael Hill | NIB Holdings | Nick Scali Retail | oOh!media | Reliance Worldwide | Sonic Healthcare | Southern Cross Media | The Star Group .The local currency continued to slide, as the US dollar was bolstered by another leap in US government debt yields. The yield on the US 10-year note closed near 3 per cent.
The key risk though is the US entering a recession, which Goldman’s odd put at one in three over the next 12 months. ” In the event of a recession, we forecast the index could fall to 3150. In addition, the Fed’s focus on maintaining tight financial conditions requires that equities do not rise by too much.”
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