Australian shares are poised to slip to start the first substantial week of reporting season. Wall St closed its week with a mixed session as a resilient jobs market pointed to further, large interest rate increases.The local currency fell near 1 per cent; the greenback rallied after US employers added 528,000 jobs last month, more than all estimates.
Hayes has downgraded cash to underweight from overweight, upgraded bonds to overweight from marketweight and upgraded stocks to marketweight from underweight.NDR recommends investors allocate 55 per cent of their holdings to equities, 40 per cent to bonds and 5 per cent to cash. The 10 largest listed banks in the European Union posted a combined profit of €13.9 billion, the third-best of the past 10 years.Aurubis AG, Europe’s largest copper producer, aims to minimise gas usage in Germany and pass on surging power costs to its customers as the region’s energy crisis deepens, chief executive officer Roland Harings told investors.
“The increase in portside inventories have notably narrowed [last week v the previous week] as another indicator of a pick-up in demand which is a small positive.”
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