Australian shares set to dip despite Wall Street gains
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The news: The Australian sharemarket is poised to start lower, with investors wary ahead of the minutes of the last RBA meeting, despite gains overnight on Wall Street.
The numbers: The Dow Jones index ended 0.13% higher, while the broader S&P 500 gained 0.27% and the tech-heavy Nasdaq added 0.83%. In the local market, ASX 200 futures were down 24 points or 0.31% to 7,720 points at 7:00am AEST on Tuesday.
The context: The major indices ended higher on the back of gains in megacap stocks such as Apple and Tesla, as investors await US labour market data due later this week for clues about the interest rate outlook.
New data showed manufacturing contracted for a third straight month in June, while prices paid dropped to a six-month low in an encouraging sign for the US Federal Reserve's battle with inflation. Traders have stuck to their bets of around two interest rate cuts this year, starting from September.
In the local market, investors are focused on the outlook for interest rates with the minutes of the last RBA meeting to be released at 11:30am.
The source: Reuters
