Australian shares to start lower after mixed Wall Street finish
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The news: The Australian sharemarket is set to start on the back foot even as nerves eased on Wall Street with the focus shifting from interest rates to corporate earnings.
The numbers: The Dow Jones index closed 0.01% lower while the broader S&P 500 gained 0.74% and the tech-heavy Nasdaq added 1.68%. In the local market, ASX 200 futures were down 29 points or 0.37% to 7820 points at 7:00am AEST on Friday.
The context: US stocks reversed course after tumbling in the previous session, as fresh economic data rekindled hopes that inflation remains in a cooling trend.
The US producer prices index came in softer than expected, just a day after hotter-than-expected CPI data sent stocks sharply lower and benchmark Treasury yields to their highest level since November.
Investors now switch their focus to first-quarter earnings season, with results from three major US banks — JPMorgan Chase, Citigroup and Wells Fargo — due Friday morning EDT.
The source: Reuters
