Australian shares are set to lift as Wall Street uses a long weekend break to try to move past the worst first-half for markets in years.In New York: BHP -3.6% Rio -1.9% Atlassian +5.4%The Reserve Bank of Australia meets on Tuesday and is widely expected to raise rates by 0.5 per cent.
In the US, Fed manufacturing surveys have taken on a grim tone, with four of five indicating business activity shrank in June. Separately, a measure of overall manufacturing slid to a two-year low as new orders contracted, restrained by lingering supply constraints and some softening in demand.On bitstamp.net, Bitcoin was down 1.1% to $US19,261.47 at 4.30am AEST Sunday.Michael J.
For Peter Garnry, head of equity strategy at Saxo Bank, the bottom is about 35% below January’s record high, implying further declines of about 17%.“Companies such as Tesla and Nvidia, and cryptocurrencies, must capitulate before the speculative excesses have been eliminated and a bottom has been reached,” Garnry said.
Brad Neuman, director of market strategy at Alger: “I don’t think that equity markets have fully priced in a recession. Normally, stocks bottom just before earnings bottom, and earnings haven’t declined yet. Estimates remain far too high.”In the words of AllianceBernstein economists this week: “The UK economy is being pulled apart.”
“Recession is a risk to all equities and FTSE 100 does have some large-cap consumer names that would be sensitive,” wrote Goldman strategists led by Sharon Bell. The FTSE 250 Index, a benchmark of UK midcap stocks, plunged almost 9% in June.
Source: Financial Digest (financialdigest.net)
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