The Australian sharemarket is expected to tick higher at the open after US stocks extended their rebound from oversold levels as traders focussed on less hawkish comments from Federal Reserve speakers. Oil fell after an early-week surge, and the Australian dollar softened.
Sandal maker Birkenstock’s sharemarket debut was a flop as the stock opened 11 per cent below its initial public offering price. Treasury 10-year yields declined nine basis points to 4.56 per cent. The US dollar wavered, following its longest losing streak since March, while the Aussie dollar traded flat at 64.14 US cents as of 8:07am AEDT. West Texas Intermediate crude fell 2.7 per cent to $US83.68 a barrel.
“The Fed is near the end of their rate hiking campaign and the events of the past weekend likely solidify this view,” said Jeffrey Roach, chief economist at LPL Financial. “The risk of overtightening appears to be in balance with the risk of insufficient tightening.”Traders are now shifting gears to Thursday’s consumer price index, which will come out after data showed a measure of producer prices rose by more than forecast in September amid higher energy costs.
Wall Street analysts are boosting US earnings forecasts even before results start rolling in, signalling the worst of the profit slump is likely over as ebbing inflation eases the pressure on a broad swath of industries.
Source: News Formal (newsformal.com)
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