Australian shares are set to open slightly up as Wall Street wavered and US Fed boss Jerome Powell warned the clock was running out on inflationary expectations.P 500 flat Nasdaq 0.3%Central bankers and monetary policymakers gathered at a European Central Bank’s annual forum in Portugal. The talk has been of whether a half-point hike - twice the planned size - could be warranted when the cycle of increases kicks off in July.
Sterling fell with dovish comments by a new policymaker keeping the currency firmly on course for its biggest six-month drop against the dollar since 2016. James Solloway, chief market strategist at SEI: “The froth certainly appears to have been taken out of the financial markets by this year’s stock-and-bond pullback. That’s the good news. The bad news is that an economic recession and a corresponding decline in earnings might not yet be fully priced into markets.
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