Australian shares are poised to open higher, reflecting gains in New York even as iron ore and oil dropped on renewed concerns about China’s outlook. Some weak US data also dented sentiment.P 500 +0.4% Nasdaq +0.6%Companies expected to report on Tuesday: BHP | Challenger | Goodman Group | James Hardie Q | Life360 | SCA Property | Seven West Media | Sims | Tassal .
In a note, Morgan Stanley equity strategist Mike Wilson said caution was warranted. “The equity market has front-run a durable Fed pause, the odds of which are low to begin with. This leaves valuation significantly disconnected from economic/earnings reality. Risk/reward remains unattractive.” Manufacturers reported a sharp decline in orders and shipments. The survey’s new orders index tumbled 36 points to a reading of -29.6 while the shipments index plummeted 49.4 points to -24.1.P 500 that have reported earnings as of Friday, 77.6 per cent have topped expectations, according to Refinitiv data.
At this level and below, it becomes uneconomical for many barges that haul commodities like diesel and coal to sail through that part of the river, according to Germany’s Federal Institute for Hydrology.
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