Australian shares are set to open slightly up as Wall Street continues to tread water despite better-than-expected joblessness figures and economic data.P 500 +0.6% Nasdaq +1.1%The local currency was +1% to 69.76 US centsThe yield on the US 10-year note declined seven basis points to 3.04%.P 500 and the Nasdaq rose on support from growth and semiconductor stocks.
“We have had a tremendous recovery, this is a mid-cycle slowdown and not a recession,” said Brian Bethune, an economics professor at Boston College. “Employment is still growing, which means basically, production is still growing, but there are these supply chain problems.” Bill Adams, chief economist at Comerica Bank: “Good news from the data in hand still don’t cancel out the concerning messages of forward-looking indicators. These include dismal business and consumer surveys, the inverted yield curve, the drop in the Leading Economic Index, falling housing indicators, and energy futures contracts which anticipate a surge in natural gas and electricity prices this winter.
A measure of US profit margins has reached its widest since 1950, suggesting that the prices charged by businesses are outpacing their increased costs for production and labor. “There’s no denying that Brexit made the admin and expense side of a London listing more of a problem,” said Sophie Lund-Yates, lead equity analyst at Hargreaves Lansdown. “While the UK would love to rebrand itself as a haven for fast-growing, stimulating tech stories in particular, we are some way from that happening.”
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