ASX to track Wall Street declines as investors await Fed outlook
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The news: The Australian sharemarket is due to open lower after all three Wall Street indices ended in red, as investors braced for updated economic projections from the US Federal Reserve.
The numbers: Updated at 7:30am AEDT:
- ASX futures: down 52 points, or 0.7%, to 7,808 points
- Wall Street: Dow Jones down 0.62%, S&P 500 down 1.06%, Nasdaq down 1.71%
- Europe: FTSE 100 up 0.29%, CAC 40 up 0.5%, DAX up 0.98%
- Spot gold: up 1.12% to USD3,034.27 per ounce
- Oil prices: Brent flat at USD70.51/bbl, US WTI up 1.09% to USD66.84/bbl
- AUD: down 0.35% to 63.64 US cents
- Bitcoin: down 2.21% to USD82,099.31.
The context: US stocks closed lower after a two-day rally, as investors awaited the latest policy statement from the Federal Reserve.
The central bank is expected to leave interest rates unchanged. However, its updated summary of economic projections may provide some cues on the impact of recent tariff announcements by the Trump administration on US growth and inflation.
What to watch: The Fed's two-day policy meeting will conclude with the release of its interest rate decision (5am Thursday AEDT) and updated economic projections for GDP growth, inflation, unemployment, and interest rates.
