A fall on Wall Street is likely to send Australian stocks lower, as investors booked profits from post-election gains and awaited US inflation data due in the coming days.
The three major indexes had rallied to record highs since the November 5 US election as investors bet on a boost to equities from president-elect Donald Trump's proposed tax cuts and the prospect of easier regulatory policies. Some of the stocks expected to perform well under Trump gave back gains. Shares in electric car maker Tesla were down close to 5% after rising nearly 40% since the election results.Russell Price, chief economist at Ameriprise Financial, said the decline in stocks overseas pressured US stocks, along with profit-taking after the rally and ahead of inflation data.
On investors' radar is Wednesday's consumer price inflation data, followed by producer prices inflation and retail sales data this week, that are expected to provide clues about the US Federal Reserve's policy path going forward."It very likely is contributing to a little bit of the downside that we're seeing today."
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