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ASX to slip, earnings to accelerate this week

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Australian shares are set to drop as reporting season gathers pace. Wall Street faces a buy-the-dip test after Apple’s swoon and before CPI data on Thursday.

Tony Ottaviano needs to deliver his flagship lithium mine. A spurned $5.5 billion takeover offer and dip in prices for the battery metal have upped the pressure.Corporate profits are expected to bottom in the second half of this year as the Australian economy experiences the full brunt of the RBA’s rate rises.AUD +0.3% to 65.70 US centsTesla -2.1% Apple -4.8% Amazon +8.3% NYSE Fang +0.6%Brent crude +1.1% to $US86.

“We have tweaked our GDP forecasts to take account of the better-than-expected Q2 outturn. But the small contractions in GDP that we have pencilled in for Q3 and Q4 leave us still well below the ECB and consensus forecasts.”

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