Australian shares are poised to open little changed, in line with New York where the S&P 500 and Nasdaq Composite turned late to finish modestly positive. The Dow ended 0.1 per cent lower, mostly paring earlier losses. Oil tumbled anew, with US inventories rising to their highest since August and amid renewed concerns about global demand , prompting traders to expect Saudi Arabia and Russia to prolong output cuts into 2024.
In a Global Outlook note, Barclays’ strategists led by Ajay Rajadhyaksha argue that the time has arrived for investors to take on risk. “For two quarters in a row, we have argued that cash will outperform both bonds and stocks. The argument against bonds was clear entering the second half; markets were pricing in too imminent an easing cycle and had not yet woken up to the scale of fiscal challenges the US faces. “Equities have been more difficult to call, with the index propped up to an unusual extent by seven mega-cap tech firm
Australian Shares Oil Prices US Inventories Global Demand Risk Investors Barclays
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