Australian shares are poised to open higher, bolstered by another positive session in New York where bulls continued to press tech stocks on hopes that inflation pressures were easing.Reports expected on Monday: Beach Energy | BendigoAdelaide Bank | BlueScope Steel | Carsales | GPT Group | GUD Holdings | GWA Group and JB Hi-Fi .On bitstamp.net, bitcoin wasOn Wall Street, shares rallied strongly to finish their week with the Dow advancing near 425 points and putting the 34,000 mark within sight.
As for tech, Newton said: “It’s overbought but it’s a place to be for the second half. The key is to watch interest rates. If yields start to push up, that’s going to be a detrimental factor. I like risk assets. I’d rather be long and buy dips.”Overseas data: China industrial production and retail sales at 12pm AEST; Japan prelim second quarter GDP; UK August Rightmove house prices; US August NY Empire manufacturing, NAHB housing market indexAUD +0.2% to 71.21 US centsIn New York: BHP +0.
A survey from the University of Michigan showed that a preliminary August reading on the overall index on consumer sentiment came in at 55.1, up from 51.5 in the prior month. It had hit a record low of 50 in June.The preliminary August reading was above the median forecast of 52.5 among economists polled by Reuters.
Data showed Britain’s economy contracted by 0.1 per cent in the June quarter, compared with forecasts for a 0.3 per cent drop.
Source: News Formal (newsformal.com)
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